Elon Musk reveals that SpaceX also owns bitcoin

Tesla isn’t the only Elon Musk company to buy bitcoin. It turns out that his company SpaceX has some too. The billionaire says he hopes to see this cryptocurrency succeed.

Even if he is inexhaustible on cryptocurrencies, Elon Musk is sometimes secretive on the subject. Invited to “The B Word” conference on July 21, 2021, which can be found on YouTube, the billionaire revealed that Tesla was not the only one of his companies to have bought bitcoin: SpaceX also made the ‘acquisition.

Elon Musk did not give many details. It’s unclear how much bitcoin SpaceX holds, for example — while Tesla was known to have invested $1.5 billion. But the fact that the two companies have bought it denotes a strong interest from Elon Musk for this cryptocurrency, despite what his last announcements may have suggested.

Elon Musk’s about-face on bitcoin

Last May, the CEO of Tesla made a highly commented about-face on the subject. Barely two months after allowing payment for Tesla cars in bitcoin, Elon Musk had suspended this option. The billionaire was indeed worried about the environmental impact of mining this cryptocurrency which uses, it is true, a very energy-intensive verification process.

Since then, bitcoin has had a very turbulent period. China, which was home to between 65 and 75% of the world’s bitcoin mining, has taken drastic measures against this activity. After banning Chinese financial institutions from selling cryptocurrency-related services, in June it asked energy providers to stop supplying miners.

However, bitcoin took this major shock well: its price still stood at more than 27,000 euros on July 22, far ahead of Ethereum, the second best-rated cryptocurrency (1,688 euros at the time of writing these lines).

“I want bitcoin to be successful”

Even if the hashrate of bitcoin (the amount of calculations that all miners are able to perform per second) plummeted after the Chinese restrictions, the system held on and adapted to this change as expected: the difficulty of mining was significantly reduced (-28% in early July). And while bitcoin miners are no longer welcome in China, other states seem very eager to attract them. Several American states, notably Texas, have sent very favorable messages to cryptocurrencies. And El Salvador has even made it an official currency.

Like them, Elon Musk bets a lot on this cryptocurrency: “ I hold bitcoins, Tesla holds bitcoins, Space X holds bitcoins (…) I want Bitcoin to be successful. If its value goes down, I lose money,” he said during the conference “The B Word”. He clarified that Tesla will certainly accept payment via this cryptocurrency again and assured: “ I would not sell my bitcoins. »


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