He said this during a bitcoin event, ‘B Word’, which also featured Square and Twitter CEO Jack Dorsey, and Ark Invest CEO, Cathie Wood.
The digital currency whose fortune had dwindled recently rose above $32,000 on Thursday.
Musk said that he personally owned bitcoin, ethereum, and dogecoin. He also revealed that his companies, Spacex and Tesla also own bitcoins.
He added that bitcoin’s energy usage was shifting a lot more toward renewables, and his company, Tesla, would likely resume accepting the cryptocurrency soon.
He said, “In general, I am a supporter of bitcoin. The bitcoin I own is worth a lot more than ethereum or doge. If the price of bitcoin goes down, I lose money. I might pump but I don’t dump. I would like to see bitcoin succeed.”
Musk affirmed that the suspension of bitcoin as a payment option for Tesla’s cars was temporary. He said, “We are not selling any bitcoin, nor am I selling it personally, nor is Spacex selling any bitcoin.
“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used have been shut down, especially in China.
“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin.”
Meanwhile, JP Morgan has opened the doors to wealth management clients looking to invest in crypto funds, according to The Block.
The Block said that orders for Grayscale and Osprey’s crypto-based offerings were now on the table for wealth management advisors at the U.S.’s largest bank.
These offerings are not themselves crypto investments, but rather trusts based on the performance of crypto assets.
Also, JP Morgan is only authorising its advisors to process these orders if they come from clients themselves, barring the advisors from presenting crypto-based funds. Which is a reflection of JP Morgan’s longstanding hesitance to endorse investment in crypto.
According to CoinMarketCap, Bitcoin was $32,431.09 at 6.24pm on Thursday. This is a 1.24 per cent increase within the last 24 hours.
The price of the digital currency has since remained stable at $31k – $32k since it fell below $30k on Wednesday.