Elon Musk renews his commitment to cryptocurrencies

by: Dynasty GI2021-07-22
Tesla and SpaceX owner Elon Musk confirmed that he still owns Bitcoins and supports cryptocurrencies.
The statement was made during a crypto discussion panel also involving Twitter CEO, Jack Dorsey, and ARK Invest CEO, Cathie Wood.
In the discussion, Musk said that the only "three meaningful assets" he owns outside of his company’s stock is Bitcoin, Ether and Dogecoin. “Bitcoin by itself cannot be the monetary system of the world at the base layer, but at the second layer it’s possible depending on how it’s implemented", Musk added.

The entrepreneur, known for his controversial outbursts, stated that Tesla will resume accepting Bitcoin once renewable sources make up more than 50% of the energy required for its mining. Earlier in the year, Tesla stopped accepting Bitcoin as payment for its cars following Musk’s concerns with the environmental impact of the high levels of energy required to mine the crypto.

His views were echoed by innovative market investor specialist, Ark Invest CEO Cathie Wood: “I really do believe that Bitcoin will be much more environmentally friendly; certainly than gold mining or the traditional financial services sector”, she stated.
"“When it comes to Elon Musk and cryptos, there is always the risk that we are distracted by a media frenzy around his outbursts. But it is important to have major entrepreneurs like him, together with established crypto believers like Jack Dorsey and Cathie Wood, promoting the many innovative aspects of cryptocurrencies”, commented Dynasty Global Investments AG’s Chief Marketing Officer, Lucas Costa."

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