Elon Musk Says SpaceX Owns Bitcoin, Price Moves Above $32,000

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3rd Party Analysis 22 Jul 2021

Key Takeaways

  • Elon Musk reveals SpaceX holds bitcoin and is not looking to sell
  • An online conference focused on bitcoin helps push the asset 8% higher on Wednesday

The Crypto Asset Climbs

The price of bitcoin accelerated from its lows on Wednesday after Elon Musk, Tesla and SpaceX CEO, said both of his companies, and himself personally, hold the leading digital currency. In an online discussion called “The B Word”, the panelists, Elon Musk, Jack Dorsey and Cathie Wood talked about the future prospects of growth for the largest cryptocurrency.

The digital asset traded near $32,000 and spiked to a session high of $32,800 as the group talked. Later, however, the price of bitcoin retreated from its highs and finished the day at $31,800. The coin ended the day higher by 7.8%. Other crypto tokens, including Ether and Dogecoin, were also lifted and held onto their gains to finish the day higher by 8.5% and 11%, respectively.

Elon Musk Says SpaceX Owns Bitcoin

It is already known that Tesla owns bitcoin since February. Indeed, Elon Musk announced in a filing with the SEC the EV maker has acquired bitcoin worth $1.5bn. Mr. Musk’s comments at the event revealed his space exploration company SpaceX has also purchased bitcoin.

“SpaceX, Tesla, and I own Bitcoin,” Elon Musk said at the conference hosted by the Crypto Council for Innovation. “We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin,” he clarified.

In addition, the Tesla chief said he also owned Ethereum and, unsurprisingly, Dogecoin, the cryptocurrency created as a joke to mock cryptocurrencies.

Jack Dorsey, one of the most vocal Bitcoin proponents and CEO of Twitter and Square, said he hoped that Bitcoin could achieve “world peace.” Cathie Wood, CEO and CIO of ARK, a cluster of exchange-traded funds with focus on innovation and cryptocurrency, touched on the challenges involved in growing the Bitcoin network and, in particular, dealing with the environmental impact of the mining process.

The whole talk could be found on ARK Invest’s YouTube channel here.

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