Billionaire Elon Musk made it clear that Tesla will hold cryptocurrency and accept Bitcoin once mining becomes environmentally friendly. He also expressed that he will not sell the Bitcoin he owns.
Musk told during the ‘The B Word’ conference that he would like to see Bitcoin success and added that he will pump more money instead of dumping it if it loses.
Bitcoin is using more renewable energy sources but Musk wants more due diligence for ensuring that such sustainable energy sources account for more than 50 percent of Bitcoin mining.
Bitcoin and other cryptocurrencies have lost $1.3 trillion in their value since the month of May.
Musk’s tweets led Bitcoin value to rise back above the $32,000 level on July 22 with a market value of $1.34 trillion.
Tesla had purchased $1.5 billion worth of Bitcoin in Feb 2021. SpaceX also holds Bitcoin, Musk said.
Musk said, “Bitcoin cannot be the base level of the global monetary system but it can function at the second layer if it is implemented properly and rules are followed.”
He added that SpaceX will play a role in the future of Bitcoin without elaborating on this.
The total market volume of cryptocurrencies traded over the last 24 hours ending July 22 was $64.79 billion, while that of all stable coins was $52.65 billion.