Elon Musk Reaffirms Support For Bitcoin in the B-word Event, Markets Sentiments Turned Bullish!

Elon Musk, the CEO of Tesla, revealed on Thursday that he owns Bitcoin, Dogecoin, and Ethereum. According to MuskTesla and SpaceX, also own Bitcoin and have no plans to sell it. He also claimed that Space Exploration Technologies like Musk’s electric-car company owns Bitcoin.

If the price of Bitcoin goes down, I lose money. “I pump but I don’t dump,” he told the forum sponsored by the Crypto Council for Innovation.”I would like to see bitcoin succeed.”

Musk wore a t-shirt with the Bitcoin logo on it during the presentation. 

He said he believed in cryptocurrencies as a way to raise the power of the people in respect to the government while speaking at the “The B Word” conference, which included Twitter and Square founder Jack Dorsey and ARK Invest CEO Cathie Wood.

Tesla is Likely to Start Accepting Bitcoin soon!

Elon Musk, the CEO of Tesla and SpaceX, has stated that Tesla will most likely resume accepting bitcoin for vehicle purchases. He said that he would first like to conduct some additional research to validate that the amount of renewable energy usage is most likely at or over 50% and that there is a tendency toward increasing that percentage. If this is the case, Tesla will restart taking bitcoin payments 

He also said that “There is some benefit in considering something that has greater maximum transaction rates and lower transaction costs,” As bandwidth increases over time latency decreases. Many users on Twitter are hinting towards ADA after this comment. Musk also reaffirmed his support for bitcoin in general, despite concerns about mining’s environmental impact.

Cryptocurrencies Show Signs of Recovery!

Bitcoin rose as much as 10% on Wednesday afternoon when Elon Musk, the CEO of Tesla and SpaceX, stated at The B Word conference that he owns the cryptocurrency. On Wednesday, Bitcoin recaptured the critical support level of $30,000, trading as high as $32,200. 

The price of Ethereum increased significantly as well, as it was already trending upwards before Elon Musk’s announcements, and it increased by more than 12%. Dogecoin, on the other hand, increased by nearly 7% to $0.19.