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Bitcoin rises above $32,000 after Elon Musk reveals personal crypto holdings

Bitcoin rises above $32,000 after Elon Musk reveals personal crypto holdings
July 23
11:49 2021

Bitcoin, the world’s biggest cryptocurrency, rose above $32,000 after Elon Musk, chief executive officer of Tesla, revealed details of his crypto holdings.

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The price of Bitcoin climbed to $32,355 on Friday morning – up by 1.3 percent over the past 24 hours, according to CoinDesk data.

The third-richest person in the world spoke on Wednesday at the ‘₿ Word Conference’ alongside Jack Dorsey, the CEO of Twitter and Cathie Wood, the CEO of Ark Invest.

He said apart from his stocks in Tesla and SpaceX, the only “three meaningful assets” he owns is bitcoin, ethereum and dogecoin.

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He added that “the Bitcoin I own is worth a lot more than ethereum or doge.”

In addition to his private holdings, he confirmed Tesla and SpaceX also own Bitcoin.

Addressing concerns that his tweets have contributed to the volatility seen in the crypto markets, Musk explained: “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling. I would like to see Bitcoin succeed.”

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Musk said he has no plans to sell any of his Bitcoin anytime soon.

He noted that Tesla is “likely” to start accepting Bitcoin as a payment method again.

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so, Tesla would resume accepting Bitcoin,” he said.

In March, Tesla introduced the bitcoin payment option for its products a month after it invested $1.5 billion in the flagship cryptocurrency.

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Musk announced in May that his company had suspended bitcoin payment option. He said Tesla was worried about the increasing use of fossil fuels for Bitcoin mining and transactions.

Last month, Musk said Tesla would start accepting the cryptocurrency when it’s mined with more clean energy.

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