Elon Musk Has No Intentions to Sell Bitcoin
Elon Musk is one of the most well-known crypto supporters, but sometimes it is not easy to understand his decisions. In spite of his recent criticism of Bitcoin mining and its impact on the environment, Elon Musk confirmed that he owns the cryptocurrency and has held it long-term. During the Bitcoin conference called “The B-word” Musk shared that Bitcoin is his largest cryptocurrency holding, above Ethereum and Dogecoin, but he did not specify exact amounts.
Ultra-billionaire spoke on a panel with Jack Dorsey CEO of Twitter and payments company Square. Ark Investor founder and CEO Cathie Wood. All of them answered questions from the moderator and Square crypto lead, Steve Lee. The purpose of “The B-Word” conference is to “demystify” and “correct the mainstream narrative” regarding bitcoin.
The SpaceX and Tesla CEO also stated that he has no plans to sell any of his Bitcoin in the near future. Musk also noted that both Tesla and SpaceX own Bitcoin, and no other cryptocurrency at this time.
Elon Musk talked about other crypto-related issues as well. Tesla will likely move to accept the world’s most famous cryptocurrency for transactions, according to Musk. Tesla CEO is closely monitoring the situation regarding Bitcoin mining. He mentioned that mining is increasingly powered by renewable energy.
Bitcoin, Musk, and risk factors
It is no secret that cryptocurrency is a risky, speculative investment. So, if you own or are going to own Bitcoin, Elon Musk’s long-term strategy may be the best option. It makes sense to choose a long-term strategy according to experts. Transaction costs for Bitcoin can be relatively high, so buying as well as holding can be useful in that regard as well.
It is also desirable to diversify beyond cryptocurrency and limit it to a comparatively small portion of their portfolios.