October 27, 2021

The Queens County Citizen

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Cryptocurrencies | “I will buy, but I will not get rid of it”, Elon Musk assures

Cryptocurrencies |  "I will buy, but I will not get rid of it", Elon Musk assures

(Washington) Elon Musk, founder of Tesla, said Wednesday that he had personally invested in bitcoin and other cryptocurrencies, but had not manipulated digital currencies.


Elon Musk, who was the guest of honor at an online discussion attended by Twitter boss and Square founder Jack Dorsey, said he believed in cryptocurrency as a way to “increase individual power over government” and that he had additionally invested in etherium and dogcoin. Bitcoin.

Tesla Boss explained that he would lose money when the value of Bitcoin or other cryptocurrencies fell, but he did not sell anything despite the volatility.

“I will buy, but I will not get rid of it,” he said on the forum, which is sponsored by the Crypto Council for Innovation. “I want Bitcoin to be successful,” he added.

The extraordinary boss of the electric car maker, Tesla Bitcoin, said he expected auto sales to resume, but he stopped short due to concerns about high energy consumption for the “mining” of cryptocurrency.

“Tesla’s goal is to accelerate the arrival of sustainable energy,” he said. “We cannot be an organization that does this and pay proper attention to energy consumption. […]. Now, Bitcoin seems to be turning more towards renewable forces, ”he said.

Jack Dorsey, who recently announced digital payment company Square, said he strongly believes in virtual currency as a way to reduce transaction costs and improve people’s lives.

For Twitter, Bitcoin “creates a lot of different business models”, which reduces reliance on advertising. “We can not only see it as our own property,” added the owner of the social network: “My hope is that it will create peace in the world.”

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Bitcoin rose 6.67% to close at $ 31,856 on Wednesday. At the beginning of the debate, it was brief, reaching 8 32,859.