Tech

Elon Musk reveals that SpaceX also owns bitcoin

Tesla isn’t the only Elon Musk company to buy bitcoin. Turns out his company SpaceX has some, too. The billionaire indicates that 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 conference “The B Word” 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 has also done so. ‘acquisition.

Elon Musk didn’t give many details. It is not known how much bitcoin SpaceX holds, for example – although it was known that Tesla had invested for $ 1.5 billion. But the fact that the two companies bought it indicates a strong interest of Elon Musk in this cryptocurrency, despite what his last announcements had suggested.

Elon Musk during the presentation of the Tesla Model S Plaid // Source: Capture Numerama / Youtube Tesla

Elon Musk’s about-face on bitcoin

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

Since then, bitcoin has experienced 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, it asked energy providers in June to stop supplying miners.

Bitcoin has however taken this major shock well: its price is still more than 27,000 euros on July 22, far ahead of Ethereum, the second highest-rated cryptocurrency (1,688 euros at the time of writing these lines).

“I wish bitcoin was successful”

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

Like them, Elon Musk is betting a lot on this cryptocurrency: ” I hold bitcoins, Tesla holds bitcoins, Space X holds bitcoins (…) I wish Bitcoin to be successful. If its value drops, I lose money ”, he said during the conference “The B Word”. He clarified that Tesla will certainly accept payment again via this cryptocurrency and assured: “ I wouldn’t sell my bitcoins. “

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