SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk
23 July 2021 - 03:00AM
NEWSBTC
Elon Musk has revealed that Space X, his rocket company, owns and
continues to hold bitcoin. Musk was on The B Word conference to
talk about bitcoin and other cryptocurrencies, alongside well-known
personalities in the crypto space like Twitter CEO Jack Dorsey, and
CEO of Ark Invest Cathie Wood. The trio was also joined by Steve
Lee, who is the Lead for Square Crypto, which is an arm of Square
dedicated to digital currencies. The panelists are all BTC
investors, with Jack Dorsey and Elon Musk confirming that they both
personally own the digital asset. Related Reading | Make It
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Payments Cathie Wood’s Ark Invest has continued to pour more money
into firms involved in the crypto space. Ark Invest was one of the
first to invest in Coinbase when the crypto exchange had gone
public, with approximately $1B already invested in the company by
Ark Invest. Also owning about 7 million shares in the Grayscale
Bitcoin Trust. Significant Bitcoin Holdings Talking further about
his holdings in crypto, Musk explained that the only significant
holdings he possessed besides Tesla and SpaceX happened to be
bitcoin. Confirming that the rocket company SpaceX held bitcoins,
Musk said that the company is not selling the digital asset anytime
soon. Related Reading | Billionaire Tim Draper Is Unfazed By
Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target
While it was public knowledge that Tesla held the digital asset
after it had started receiving payments in the asset for its
electric cars earlier in the year, there had been no confirmation
if the billionaire’s other company SpaceX held any of the digital
assets. Speculations continued in the market that SpaceX had indeed
bought into the digital asset after Tesla. Now, Musk has confirmed
that this is true, that the spaceship company did in fact hold the
crypto on its balance sheet. Tesla Might Resume Accepting Bitcoin
Payments Back in April, electric automaker, Tesla had confirmed in
an SEC filing that the company had indeed bought $1.5 billion worth
of bitcoin which is held on its balance sheet. Not too long after
this, the automaker announced that it had started accepting
payments in the digital asset for its electric vehicles. The market
reaction to this news was immense as the price of the asset rose
quickly in response to this announcement. But then at the beginning
of March, the company retracted this payment option, citing the
environmental impact of mining as being the reason it would no
longer accept payments in the digital asset. Related Reading
| Cathie Wood’s Ark Invest Sinks Another $10.8 Million Into
Grayscale’s Bitcoin Trust Talking about this decision and if there
was any chance of Tesla going back to accepting bitcoin payments,
Musk explained that the company would most likely resume accepting
the digital asset as a method of payment. But that a little more
due diligence is required in order to confirm that the energy usage
of bitcoin mining was at least 50% renewable. Although Musk has now
confirmed that SpaceX holds the digital asset, the billionaire did
not disclose how much of the digital asset the rocket ship company
currently holds on its balance sheet. BTC currently trading at
above $31,000 | Source: BTCUSD on TradingView.com
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