I buy bitcoin but I don't give it away, says Elon Musk

Tesla founder Elon Musk said Wednesday that he has personally invested in bitcoin and other crypto-currencies, but that he does not manipulate digital currencies.

Invited to an online debate featuring Twitter boss and Square founder Jack Dorsey, Elon Musk said he believes in crypto-currencies as a way to increase the power of the individual over the government, and that he has invested in ethereum and dogecoin alongside bitcoin.

 

The Tesla boss explained that he loses money when the value of bitcoin or other crypto-currencies goes down, but he has not sold any despite the volatility.

 

I'm buying it but I'm not getting rid of it, he said at the forum sponsored by the Crypto Council for Innovation. I'd like to see bitcoin succeed, he added.

The eccentric electric car maker's boss said he expects Tesla to resume bitcoin car sales, which it has suspended due to concerns about the high energy consumption for mining the crypto-currency.

 

Tesla's mission is to accelerate sustainable energy, he said. We can't be the company that does that and not do proper due diligence on energy use now it seems like bitcoin is moving much more toward renewable energy, he noted.

 

Bitcoin ended up 6.67 percent Wednesday at $31,856. At the opening of the debate, it had briefly climbed to 32,859 dollars.