Tesla CEO Elon Musk has revealed he personally owns bitcoin, ether, and dogecoin during a discussion. He also revealed his space exploration company SpaceX holds bitcoin and has no plans to sell it.
Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with Cathie Wood, head of Ark Investment Management, and Jack Dorsey, CEO of Twitter and Square, in a panel moderated by Steve Lee.
During the conference, the Tesla and SpaceX CEO said that he has personally invested in the top to cryptocurrency by market capitalization – bitcoin and ether – as well as on DOGE. Musk is a well-known Dogecoin supporter, who earlier this month reaffirmed his support for the meme-inspired cryptocurrency.
Data from Coinbase, first reported on by Insider, shows that DOGE’s trading volume soared by over 1,250% in the second quarter of the year on major cryptocurrency exchanges, going from $74 million a day in April to $995 million a day in June.
In comparison, ether’s trading volumes rose 53% quarter-on-quarter to an average of $3.25 billion a day on cryptocurrency trading platforms, while bitcoin’s daily trading volumes fell 14% to $4.01 billion.
Nevertheless Musk appeared to suggest he held more BTC than ETH and DOGE. Musk’s companies are solely invested in BTC, although it’s unclear how much the CEO or SpaceX actually have. Tesla is known to have invested $1.5 billion in BTC earlier this year and is estimated to have over 40,000 coins after a small sale.
The electric car market stopped accepting bitcoin payments over environmental concerns back in May, but during the conference Musk said there’s a chance the firm will restart accepting them once he confirms bitcoin miners are adopting renewable energy.
Despite his investment, Musk noted that bitcoin cannot be a global monetary system on its base layer and needs scaling solutions to achieve its goal. Layer-two scaling solutions such as the Lightning Network would improve it, but it would come down to its implementation.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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