SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

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.

Source: www.newsbtc.com

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 Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin 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.

Leave a Reply