The B Word conference was a long-awaited event featuring Elon Musk, Jack Dorsey, and Cathie Wood, with Steve Lee as the moderator.
The Tesla boss, Dorsey, shared his insights with Dorsey about his private crypto investments. He noted that Ether is the second-largest cryptocurrency market capitalization after Bitcoin and Dogecoin.
Although Musk is a big fan of DOGE and has concerns about Bitcoin’s energy usage, the billionaire said that he owns more BTC than ETH and DOGE. Tesla CEO Musk did not disclose the amount or the date he invested in these assets.
Musk continued to state that SpaceX, Musk’s aerospace company, also holds bitcoin. Musk didn’t disclose the number of crypto assets SpaceX has, however, unlike his electric vehicle company that invested $1.5 billion in Bitcoin.
Musk acknowledged that despite his financial situation with the asset Musk said that bitcoin can’t be a global currency system at the base level, but it could be at the second layer depending upon the implementation.
He believes that bitcoin’s scalability can be improved by having a layer 2 such as the Lightning Network. This could make it the currency of the future.
The billionaire claims that his aerospace company plays a “vital role” in helping to realize such a vision of Bitcoin’s future. He did not say what SpaceX is doing in order to reach that goal.
Meanwhile, for Tesla, Musk also revealed during the event that there’s a good chance the firm will resume accepting bitcoin for payments again once he confirms that miners are adopting renewable energy.
Tesla had suspended bitcoin purchases over environmental concerns. The CEO stated that the company would accept bitcoin again if it uses at least 50% renewable energy to mine.