Elon Musk on crypto pump and dump: “I might pump but I do not dump”

Elon Musk on crypto pump and dump: “I might pump but I do not dump”

By Nickie Louise

As we noted last month, cryptocurrency lives and dies by Elon Musk’s tweets. In recent months, Musk’s tweets have sent prices of bitcoin & dogecoin on roller coaster rides with bitcoin falling from an all-time high of above $64,000 in mid-April to as low as $29,548 yesterday morning.

The drop in the price of bitcoin has caused many to speculate that Tesla may or has sold its Bitcoin position. Today, Musk sets the record saying that the company has not sold its bitcoins. Musk reiterated the statement he made back in May when he said that “Tesla Has Not Sold Any Bitcoin” as he tried to reassure the crashing bitcoin market.

“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 said on Wednesday at The B-Word conference, an event hosted by the Crypto Council for Innovation.

The one-day “The ₿ Word” summit was an event designed to “destigmatize” Bitcoin narratives for business leaders. It was hosted earlier today by Twitter founder Jack Dorsey, ARK Investment Managements founder Cathie Wood, and Elon Musk to discuss the role of Bitcoin for institutions around the world.

During the event, Musk also stated that “the only publicly traded stock I own is $TSLA stock. I do also own SpaceX stock; I also own Ethereum and Dogecoin.” Musk also added that Tesla will likely start accepting bitcoin again.

“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% and that there is a trend toward increasing that number. If so, Tesla will most resume accepting bitcoin,” Musk remarked.

In May, Musk said that Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly increasing use of fossil fuels for Bitcoin mining.”

Bitcoin was trading nearly 8% higher on Wednesday following a series of positive news.

This article originally appeared in Tech Startups


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