Despite his recent criticisms of the cryptocurrency, Tesla billionaire Elon Musk on Wednesday emphasized he is still a “supporter” of Bitcoin, and confirmed that he and both his companies—SpaceX and Tesla—own some, though reiterated his environmental concerns about the currency.
The Tesla founder and CEO opened up about his personal holdings while speaking at the ₿ Word conference, alongside Twitter CEO and fellow cryptocurrency advocate Jack Dorsey.
Musk said he supports Bitcoin “in general,” but reiterated concerns about the environmental impacts of mining the crypto.
“One thing you need to watch out for with crypo, especially Bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment,” said Musk.
Highlighting he and all his companies have investments, Musk for the first time confirmed long-time speculation that SpaceX, his private space exploration company, also owns Bitcoin.
Musk also revealed he personally owns Ethereum, sending the price of the Bitcoin rival past $2,000, as well as Dogecoin, the meme cryptocurrency he has taken a particular interest in in recent months.
Musk said there are no plans to sell off any of his Bitcoin investments. “If the price of Bitcoin goes down I lose money. I might pump, but I won’t dump,” he said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
Aside from the crypto investments, Musk said the only publicly traded stock he owns at this time is Tesla’s. “The only significant thing I own outside of Tesla is SpaceX,” he noted.
What To Watch For
Tesla is set to report its Q2 earnings on July 26. The car company sold about 10% of the $1.5 billion stash it bought in February during Q1, contributing just over $100 million to its record quarterly net profit.
This is a breaking news story and will be updated.