But on Wednesday, Musk sought to clarify that he was a crypto investor and supporter.
Together with Twitter (TWTR) and Square (SQ) CEO Jack Dorsey and Ark Invest CEO Cathie Wood, The B Word aims to “explain how institutions can accept Bitcoin.” At the event, Mr. Musk uses Bitcoin, Ethereum and Dorsey for his companies Tesla (TSLA) and SpaceX. He added that Tesla and SpaceX also own Bitcoin. Despite the turmoil he recently caused in the crypto world, Musk said he was “a proponent of Bitcoin and the idea of common cryptocurrencies.” The prices of several large cryptocurrencies, including three owned by Musk, have ramped in recent months in response to his remarks and actions at Tesla. Dogecoin plunged in May after Musk appeared on Saturday Night Live and called it “Hustle”. That same month, Musk said Tesla used so much energy to mine Bitcoin that it would stop accepting Bitcoin as a payment and prices would fall.
But in the end, Musk said at the event that his financial success was partly linked to the performance of such digital currencies. And in Musk’s way, he expressed it in a way that could get the attention of regulators.
“If the price of Bitcoin goes down, I lose money,” Musk said. “I might pump, but I won’t throw it away …. I absolutely don’t believe in selling at a higher price, or something like this. Bitcoin’s success I want it. ”
“Pump and dump” is a securities fraud in which someone attempts to raise the price of an asset through a false, misleading, or exaggerated statement (“pump”) and sell it to monetize the soaring price. A type of scheme that is monitored and charged by the Securities and Exchange Commission (“dump”). Musk is not a stranger to the agency. In 2018, he was charged with securities fraud over the use of Twitter, including posting information about Tesla’s outlook. He agreed to a settlement requiring Tesla’s lawyer to review his post about the company. He has been reported to have violated twice in the last two years. On Wednesday, Musk and Dorsey also addressed environmental issues related to Bitcoin and other cryptocurrencies. These cryptocurrencies require a lot of energy to power the computers needed to “mining” them. The number of Bitcoins is limited and computers access (or “mining”) them and circulate them as more Bitcoins are mined and the process becomes more difficult and energy intensive. You need to complete a complex equation to put in. In May, Tesla suspended Bitcoin trading after Musk realized that the crypto network could rely on coal energy.
“Tesla’s mission is to accelerate the emergence of sustainable energy. We can’t be the company that does it, and we can’t pay due attention to Bitcoin’s energy usage,” Musk said. Says. “Now, Bitcoin seems to be shifting more towards renewable energy.”
According to Musk, the company keeps Bitcoin in its books and pays for Bitcoin when about half of the electricity used to mine Bitcoin comes from clean energy sources such as solar and wind energy. He said earlier on Twitter that he is likely to accept again. (However, Musk is known for making promises and then backtracking.) Dorsey, who bought billions of Bitcoins and built an app for crypto developers, hasn’t seen many forms of Dorsey. He emphasized the possibility of using energy used to enhance cryptocurrency mining operations. He mentioned a company called Great American Mining that captures methane flares in oil fields to power Bitcoin mining systems.
“Imagine all the unused energy that is wasted every day. You can get the energy and transform it into a safe and healthy money system for the planet,” Dorsey said. increase.
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