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'I pump, but don't dump': Elon Musk on Bitcoin, Dogecoin, other cryptocurrencies

The billionaire said that he has invested in cryptocurrencies like Bitcoin but does not manipulate or "dump" the digital currencies

Tesla and SpaceX founder Elon Musk Tesla and SpaceX founder Elon Musk

Tesla and SpaceX founder Elon Musk's love for cryptocurrency is an open secret for everyone to see. The billionaire said that he has invested in cryptocurrencies like Bitcoin but does not manipulate or "dump" the digital currencies.

Musk believes cryptocurrency has the potential to "increase the power of the individual in relation to the government", adding he has invested in Ethereum and Dogecoin besides Bitcoin owned by Tesla and SpaceX. "I pump but I don't dump", Musk said at the discussion with Twitter and Square founder Jack Dorsey which was sponsored by the Crypto Council. He added he does not believe in waiting for the price to get high to make profits and would like to see the Bitcoin succeed.

Tesla founder said recently that the electric car maker will most likely restart accepting Bitcoin as payments for auto sales once it is sure about the amount of renewable energy used to mine the currency.  Digital currency miners are, however, making attempts to use renewable energy to lessen the impact on environment.

"Tesla's mission is accelerating the advent of sustainable energy. We can't be the company that does that and also not do appropriate diligence on the energy usage… now it looks like Bitcoin is shifting a lot more towards renewables," Musk said.

Edited by Mehak Agarwal; with agency inputs

Also read: Tesla to 'most likely' restart accepting Bitcoin as payments: Elon Musk