Elon Musk Discusses Merits Of Bitcoin, Reveals SpaceX Holds BTC

Billionaire Tesla CEO Elon Musk discussed Bitcoin during a live-streamed session of The ₿ Word event, saying that he supports and holds the original cryptocurrency, as does his aerospace company SpaceX.

“[Bitcoin] has an open ledger, which is quite good. But transaction volume is low, transaction cost is high and usability for the average person is not yet very good but has a lot of potential,” Musk said, while wearing a t-shirt that touted Bitcoin as the pinnacle of monetary evolution. “But on balance I support Bitcoin… I do own bitcoin and Tesla owns bitcoin, SpaceX owns bitcoin.

Musk has made mixed public statements about Bitcoin in the past, calling himself a supporter, seeing Tesla purchase $1.5 billion worth of BTC, renouncing the ability for Tesla customers to make purchases in bitcoin over misguided environmental concerns, then walking those statements back somewhat. He is an outspoken supporter of the altcoin project Doge.

During the panel, Musk continued to tout alternative cryptocurrency projects like Ethereum and Doge, but also acknowledged that Bitcoin’s throughput and scalability could be improved via Layer 2 platforms like the Lightning Network. He noted that Tesla is likely to resume bitcoin payments as a higher proportion of miners utilize renewable energy sources.