Musk says, “I Pump But Don’t Dump” Bitcoin.
Elon Musk, the founder of Tesla, stated on Wednesday that he has invested in bitcoin and other cryptocurrencies, but that he does not manipulate or “dump” them.
Musk said he believes in cryptocurrencies as a method to “increase the power of the individual in respect to government” in an online panel discussion that included Twitter and Square founder Jack Dorsey, and that he had invested in ethereum and dogecoin in addition to bitcoin.
Musk admitted that he loses money when the value of bitcoin or other cryptocurrencies falls, but that despite the volatility, he has not sold.
“I pump but I don’t dump,” he said at the Crypto Council for Innovation’s forum.
“I want bitcoin to be a success.”
Musk predicted that Tesla would resume bitcoin auto sales, which he had halted due to worries about the cryptocurrency’s high energy demand for “mining.”
He stated, “Tesla’s objective is to accelerate the advent of sustainable energy.”
“We can’t be the organization that does that while also failing to conduct proper due diligence on energy consumption… It appears that bitcoin is moving away from fossil fuels and toward renewables.”
Dorsey, whose Square digital payments company recently revealed plans for a bitcoin wallet, said he believes in bitcoin as a method to lower transaction costs and enhance people’s lives.
He sees bitcoin as a “native currency” for the internet, allowing more individuals to make cross-border payments and supporting a variety of online business models, according to him.
Bitcoin, he said, “creates so many potential economic models” for Twitter, such as reducing its reliance on advertising.
“We can’t just think of this as an asset we own and an investment vehicle; it has the potential to transform everything and make everyone’s life better in some little, maybe marginal way,” he said.
“It is my hope that it will bring world peace.”