Elon Musk: he responds to accusations of pump & dump and talks about the future of Bitcoin at Tesla

Will the Tesla company open up to Bitcoin again?

Elon Musk was participating in “The ₿ Word” virtual conference, alongside Jack Dorsey, the CEO of Twitter and a strong supporter of Bitcoin (BTC). The Tesla founder gave his views on the largest cryptocurrency, including the ecological consequences of BTC mining. As a reminder, Tesla had suspended Bitcoin payments following criticism of this aspect of the cryptocurrency.

According to Elon Musk, however, the payment network is moving in the right direction:

There seems to be a positive trend with regard to Bitcoin ‘senergy consumption . […] Bitcoin Is making a transition to renewable energy., and some of the coal-fired power plants that were being used have been shut down, particularly in China.

The billionaire further confirms that he wants to do ” a little more auditing” to confirm that the BTC network is indeed using 50% or more renewable energy, and that the trend is confirmed. If that’s already the case, it will reopen Bitcoin payments at Tesla.

Also check out – Gemini buys carbon credits to offset Bitcoin’s (BTC) environmental cost

Elon Musk responds to accusations of pump & dump

The news is of course notable, as Tesla’s entry into the Bitcoin world back in March had helped trigger a breakthrough in the BTC price, which hit an all-time high of $64,800 in April… Before plunging back down after another bombshell statement from Tesla.

Elon Musk thus also responded to accusations of “pump and dump”, explaining that if the price of Bitcoin fell, he lost money. He further states:

« ‘Okay, I do pump and dump sometimes’, but not from the dump. I really don’t believe in the idea of driving up the price and then selling.

On the same subject – Anonymous threatens Elon Musk for his attitude towards cryptocurrencies

SpaceX holds Bitcoin

The billionaire further reveals that SpaceX, in addition to Tesla, holds BTC, and that he himself has invested inEther (ETH):

I support Bitcoin. [ I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin. I personally own some Ethereum and Dogecoin of course.

Pas sure that this will convince the skeptics, who are tired of the billionaire’s influence on cryptocurrency prices. In any case, one wonders if a second addition by Tesla would help boost the BTC price, or if the “Elon effect” will not work a second time…

Read – Elon Musk says an updated Dogecoin could rival Bitcoin and Ethereum


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About the author: Marine Debelloir

Elon Musk: he responds to accusations of pump & dump and talks about the future of Bitcoin at Tesla


Deputy Editor-in-Chief on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.