The Word: Elon Musk claims to be able to 'inflate' but not 'float' any Bitcoins


Tesla CEO emphasized that he still "holds" each Bitcoin, Ethereum and Dogecoin, besides Tesla and SpaceX shares.

The conversation between Elon Musk and Twitter CEO Jack Dorsey and Ark Invest CEO- Cathie Wood, within the framework of the conference "The ₿ Word: How Institutions Can Embrace Bitcoin" (Translation: How Institutions Can Embrace Bitcoin), took place until 3 am this morning (Vietnam time), attracting the attention of the global crypto community.

All are expecting Elon Musk's statements and nervously predicting possible scenarios for the crypto market.

During the discussion, the Tesla boss emphasized: “I can 'inflate' the price of Bitcoin, but I definitely don't let any BTC get lost. Besides Tesla and SpaceX shares, Bitcoin is the biggest asset I own.”

The Tesla CEO added:

“If the price of Bitcoin drops, I will also lose money. I certainly don't inflate prices to sell or do anything like that. I want to see Bitcoin succeed.”

Besides, Elon Musk affirmed that Tesla will continue to use Bitcoin as a means of payment once the cryptocurrency mining industry uses 50% or more of renewable energy.

“Tesla's mission is to promote the birth of a sustainable energy industry. We can't do that on the one hand, and do the opposite on the other."

At the same time, the Tesla boss also raised doubts about the speed of change in the use of green energy that the mining industry has reported in recent times.

"Basically, there's no way you can double or triple energy in such a short amount of time with renewables."

Besides owning Bitcoin, Ethereum and Dogecoin are two other cryptocurrencies that the billionaire has in his wallet

During the chat, Twitter CEO Jack Dorsey shared that he is a staunch believer in Bitcoin. For him, this asset class is like a way to help reduce transaction costs and improve people's lives.

In addition, Dorsey sees Bitcoin as a “currency” exclusively for the Internet, allowing many people to easily make cross-border payments and supporting different online business models.

Ark Investment Management CEO Cathie Wood also expressed support for Bitcoin calling it a hedge against inflation.

Bitcoin price immediately reacted positively before and after the event, bouncing more than 8%, now trading at $32,000. This pulls the green back in unison with the crypto market. Ethereum also returned to the critical support of $2,000.

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