Elon Musk, one of the crypto industry’s well-known influencers and CEO of Tesla, revealed that he owns Bitcoin, Ethereum and Dogecoin. Musk is known for his strong influence over the crypto market, and his love for memecoin, Doge. The entrepreneur shared his current digital asset portfolio in a recently held conference.
Musk shared that he owns Bitcoin, Ethereum and Dogecoin. Asides from his personal portfolio, the businessman explained that his firms also hold digital assets in their balance sheets. He added that his companies, SpaceX and Tesla, own Bitcoin in their treasury. Tesla’s crypto purchase went viral some months back, as the company had bought a large amount of Bitcoin. Other businesses like MicroStrategy have also accepted Bitcoin as an investment. The business intelligence company continues to buy the crypto despite recent price falls.
Musk Assures Likelihood Of Tesla Resuming BTC Acceptance
The CEO revealed that he also owns a bit of Ethereum and Dogecoin, which could mean that his portfolio for Bitcoin is more than the others. He revealed that there is a possibility that Tesla would accept Bitcoin for payments when the digital assets’ mining processes doesn’t damage the environment. There has been discussions regarding crypto mining and it’s effects on the environment. Musk believes that if the industry can move from using coal as an energy source and using renewable energy to mine Bitcoin, the new energy source would be more environmentally-friendly.
He added that he wants usage of renewable energy for mining Bitcoin to move to at least 50% and to also have more efforts in increasing the percentage. Elon Musk assured that if renewable energy was put in place for mining, Tesla would continue accepting the digital asset for payments. The businessman has also been showing interest in improving Dogecoin’s usability. He is interested in helping the memecoin achieve an upgrade and also improving its payment system. Musk is one of the influencers that pushed the coin into the limelight, helping it grow rapidly in the community.
Bitcoin Mining’s Effect On The Environment
Some months back, Elon Musk announced Tesla’s suspension of Bitcoin as a payment means due to news concerning mining. The news revealed that the king coin’s mining process uses a lot of energy, causing more emission of carbon into the environment. This has made crypto-related businesses push for environmentally-friendlier ways to mine cryptocurrency, which would reduce the effects on the ecosystem. Bitcoin remains one of the industry’s most sought-after coins due to its immense growth over the years. The coin’s dominance in the industry affects other coins in terms of growth.
The industry recently recorded new gains, which helped the community’s market cap move to a significant level. Despite the assets being far from their all-time high, many crypto investors have held their position, ensuring the industry rapidly recovers. The selling pressure had significantly affected the market’s value, pushing Bitcoin towards the $30,000 mark. The asset has moved slightly above that level due to positive changes in the market, which could trigger more gains.