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Elon Musk says he's invested in bitcoin and wants to 'see it succeed'

July 21, 2021. Summarized by summa-bot.

Compression ratio: 24%. 1 min read.

Tesla founder Elon Musk is one of the loudest voices in the cryptocurrency world. He frequently uses his massive platform on Twitter to post about various digital assets, and often causes wild swings in their prices, leading some in the space to question his true intentions.

Speaking at an event called The B Word — which aimed to "explain how institutions can embrace Bitcoin" — alongside Twitter (TWTR) and Square (SQ) CEO Jack Dorsey and Ark Invest CEO Cathie Wood, Musk said the only major personal investments he has outside of his companies Tesla (TSLA) and SpaceX are in bitcoin, ethereum and dogecoin.

Dogecoin plummeted in May after Musk appeared on Saturday Night Live and called it a "hustle. " That same month, Musk said Tesla would stop accepting bitcoin as payment because of the huge amount of energy used to mine it, causing the price to fall.

In May, Tesla paused bitcoin transactions after Musk said he realized the cryptocurrency's network could rely on coal-powered energy.

Musk said the company is keeping bitcoin on its books and will likely start accepting bitcoin payments again when around half of the power used to mine bitcoin comes from clean sources such as solar and wind energy, something he has previously said on Twitter.

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