Elon Musk reveals that SpaceX bought bitcoin


Elon Musk reveals that SpaceX bought bitcoin

Elon Musk, CEO of Tesla and SpaceX. Playback/Youtube.

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Tesla is not alone when it comes to having bitcoin in the box, and MicroStrategy, Square and other large companies have cryptocurrency as a store of value, Elon Musk revealed that SpaceX also guards BTC.

The moon may actually be Bitcoin’s ultimate destination, as the memes pointed out. At The B Word event, which takes place live on Wednesday (21), the CEO of the rocket company, Elon Musk, said he not only has bitcoin as an individual and at Tesla, but BTC is also aboard SpaceX.

Elon Musk says he supports Bitcoin

At the beginning of his speech at the event, the businessman explains that he sees current money as an information system that works in different databases. Banking structures around the world are slow and inefficient, payment settlements can take 5 working days or more while the user thinks it was instantaneous.

However, Elon thinks Bitcoin can improve the financial system and has the best way to circulate secure information within the network.

“I think it makes sense to support something that improves the quality of information by which we drive our economy. And Bitcoin is a candidate for that and it’s evolving.”

For Elon Musk, Bitcoin has solved the digital scarcity problem by removing single points of failure. But despite being decentralized, some issues need to be improved and one of them is scalability. With that in mind, Musk cited Lightning Network as a good solution on top of Bitcoin.

But other disadvantages are still in the conversation, according to the billionaire. “The transaction volume is low, the transaction cost is high. Usability for the average person is still not that good, but it has a lot of potential.”

In addition, of course, Tesla’s CEO cites environmental issues, which is why his company stopped accepting bitcoin as a form of payment for electric cars. The energy expenditure of bitcoin mining is exaggerated and does not necessarily use environmentally friendly energy sources, Elon said.

Finally, he revealed that not only does Tesla have bitcoin on its balance sheet, but SpaceX as well. Elon Musk as an individual does not have a very diversified portfolio, most of his assets are Tesla shares, but other than that he holds bitcoin, ethereum and dogecoin.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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