Elon Musk, the founder of Tesla, stated that he has traded in bitcoin and other cryptocurrencies on Wednesday, but that he really does not control or “dump” them.
Musk said he believes in cryptocurrencies as a method to “increase the power of the individual in relation to government” in an online panel discussion that included Twitter and Square founder Jack Dorsey, and that he had invested in ethereum and dogecoin in addition to bitcoin.
Musk admitted that he loses money when the value of bitcoin or other cryptocurrencies falls, but that despite the volatility, he has not sold. “I pump but I don’t dump,” he said at the Crypto Council for Innovation’s forum.
“I would like to see bitcoin succeed.”
Musk predicted that Tesla would resume bitcoin auto sales, which he had halted due to concerns about the cryptocurrency’s “mining” consuming a lot of energy.
He stated, “Tesla’s mission is accelerating the advent of sustainable energy,”. “We can’t be the company that does that and also not do appropriate diligence on the energy usage… now the it looks like bitcoin is shifting a lot more towards renewables.” he added.
Dorsey, whose Square payment systems company recently revealed plans for a bitcoin wallet, said he believes in bitcoin as a method to lower processing expenses and boost human livelihoods.
According to him, he envisions bitcoin as a “native currency” for the worldwide web, allowing more individuals to make cross-border transactions and supporting a variety of online marketing strategies.
He said, “Bitcoin, creates so many different business models” for Twitter, such as reducing its reliance on advertising.
“We can’t just see this as an asset that we own and an investment vehicle is something that has the potential to change everything and make the lives of everyone was kind of better in some small, maybe marginal way,” he explained.
“My hope is that it creates world peace.”