NewsSpaceX Is Also Hoarding Bitcoin, Elon Musk

SpaceX Is Also Hoarding Bitcoin, Elon Musk

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During a Blockchain conference on Wednesday, the CEO of SpaceX and Tesla disclosed that his space exploration company SpaceX is amassing an undisclosed amount of Bitcoin. He made it clear that it is not just Tesla that is hoarding Bitcoin.

“SpaceX, Tesla, and I own Bitcoin” Elon Musk stated at the conference. He also used the medium to come out clean about his company’s intention. “We are not selling any Bitcoin, nor am I selling anything personally, or is SpaceX is selling any Bitcoin.”

Earlier this year Tesla announced a $1.5 billion investment in Bitcoin and at the same time Musk announces that the company will accept Bitcoin as a method of payment. What we didn’t know is that SpaceX has also invested in the highly unstable cryptocurrency.

The revelation is odd especially given the fact that Tesla has reversed its decision of accepting Bitcoin as a means of payment. Elon Musk claimed that the decision was made as a result of environmental concerns due to crypto mining activities.

Elon Musk’s remarks at the conference on Wednesday gave Bitcoin a Boost, other cryptos including Dogecoin and Ethereum also witnessed a price increase as a result. The CEO has long enjoyed a huge amount of influence over the fate of cryptocurrencies. a lot of critics have claimed that he is involved in some pump and dump schemes.

Those schemes involve artificially inflating the price of an owned asset with positive statements, only to dump it for a profit later. Tesla did sell off roughly ten percent of its considerable Bitcoin holdings in April, which inflated Q1 revenue numbers by some $101 million.

Musk claimed that neither he nor any of his companies are in such schemes stating that. “I might pump but I don’t dump” at the conference on Wednesday. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin Succeed.”

At the moment it is unclear how many Bitcoins SpaceX holds or what it is planning to do with it. With the track record of Elon Musk, it is impossible to know for sure.  

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