It has been reported that the company is yet to officially announce how much Bitcoin it has purchased, but Musk's other company Tesla purchased $1.5B of the cryptocurrency earlier this year which sparked a major Bitcoin price rally.
However, that rally came to an abrupt end after Tesla stopped taking Bitcoin payments due to environmental concerns, but speaking at "The ₿ Word," a virtual Bitcoin (BTC) event, he suggested Tesla was on the verge of accepting the cryptocurrency again after promising signs the percentage of renewable energy used for mining was increasing.
The report said that the changing narrative of Bitcoin going "green" may help reignite a rally, with Coin Metrics co-founder Nic Carter telling CNBC a few hours ago that BTC’s fundamentals are getting better in terms of sustainability. Musk appeared alongside Ark Invest CEO Cathie Wood, and Twitter CEO Jack Dorsey, and moderator Steve Lee from Square Crypto.
“I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, and I do personally own a bit of Ethereum and Dogecoin of course. We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”
Likewise, the statement confirms longstanding speculation the space infrastructure company was adding Bitcoin to its reserves. In mid-March, Anthony Scaramucci claimed in a Tweet that he believed Musk did not stop with just Tesla's purchase.
During the event, Musk donned a BTC-themed t-shirt and appeared to be relatively optimistic about the future of digital gold as he stated that he owns "much more Bitcoin than Ether or DOGE." Musk stated that there “appears to be a positive trend” in renewable energy usage for BTC mining, citing the recent closure of coal-powered mining plants in China.
Thus, he added:
“I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin.”