Elon Musk appeared alongside Ark Invest CEO Cathie Wood, and Twitter CEO Jack Dorsey, and moderator Steve Lee from Square Crypto at the online conference called 'The B Word,' the conference is aimed to explain how institutions can embrace Bitcoin and how we all can support the network.
It’s organized by the Crypto Council for Innovation, a group of financial services companies with investments in the space.
Earlier this year Elon Musk announced his company Tesla purchased $1.5B of bitcoin cryptocurrency and the company will be accepting bitcoin for car payments.
But that came to an end after Musk announced in May that Tesla would no longer accept bitcoin as payment for its products due to environmental concerns over the amount of energy used to mine it.
Speaking at 'The B Word,' conference Elon Musk said that his aerospace tech company SpaceX has invested in Bitcoin, Musk did not reveal any additional details about SpaceX's purchase.
“I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, and I do personally own a bit of Ethereum and Dogecoin of course.” He did not reveal the amounts that he or his companies have invested in cryptocurrencies.
He did add that: “We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”
Musk also stated that he has something to gain by promoting Bitcoin, since he’s personally invested: “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump,” he said.
Musk also asked fellow conference participant Jack Dorsey, the CEO of Twitter and Square, whether he would consider accepting bitcoin as payment from Twitter’s advertisers as a way to support the cryptocurrency.
Dorsey replied that he agreed with the concept but that he was more focused on creating “economic incentives in the network itself without having to rely on advertising.”
Musk also reveals he is a fan of decentralized finance an umbrella term for a certain class of money management programs for cryptocurrency. Most protocols and exchanges under the heading of decentralized finance are built on the Ethereum network; “I think it makes sense,” added Musk.