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'I Might Pump, But I Don't Dump' — Elon Musk Reveals What He Thinks about Bitcoin

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Published on:
July 22, 2021

The billionaire also revealed that he envisages Tesla will accept Bitcoin as a payment method again in the future.

'I Might Pump, But I Don't Dump' — Elon Musk Reveals What He Thinks about Bitcoin

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Elon Musk has said that Tesla is “likely” to start accepting Bitcoin as a payment method again.

 

The billionaire made a huge splash when he announced that the electric vehicle company had bought $1.5 billion worth of BTC earlier this year.

 

Although BTC had surged on this news, it subsequently fell when Musk said Tesla was suspending the ability to buy cars using Bitcoin — citing environmental concerns. Speaking at the B Word Conference, he said:

"I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin."

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‘I Might Pump, But I Don’t Dump’ 

During his appearance, Musk confirmed that his other company SpaceX has also invested in Bitcoin.

 

He also gave us an insight into the investments that he has made personally. Most of his holdings are in Bitcoin, but the CEO has also gained exposure to Dogecoin and Ether.

 

Amid concerns that Musk’s tweets have contributed to the volatility that’s seen in the crypto markets, he added:

“If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling … I would like to see Bitcoin succeed.”

Some might accuse Musk of rewriting history with these remarks — considering how he has claimed that Bitcoin’s price was “too high” in the past.

 

Musk’s remarks may have helped the crypto markets continue their recovery following the painful sell-offs that were seen on Monday.

 

At the time of writing, Bitcoin stood at $32,109.51 — up 1.9% over the past 24 hours. Ether was trading at $1,993.60 after gaining 4.7%, while Dogecoin was flat at $0.1915.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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