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I might pump but I don't dump - Elon Musk makes stance clear on Bitcoin

Speaking at a Bitcoin conference on Wednesday evening, Elon Musk clarified that while he will pump the cryptocurrency and wants Bitcoin to succeed, he will not sell the holdings.

Elon Musk says he will not dump Bitcoin. Elon Musk says he will not dump Bitcoin.
Story highlights
  • Elon Musk says he will not sell his Bitcoin holdings.
  • Musk reveals he also holds Ethereum and Dogecoin.
  • Musk has been a huge promoter of cryptocurrency.

Elon Musk has clarified that neither he or Tesla plan to sell their Bitcoin holdings. Speaking at a Bitcoin conference on Wednesday evening, Musk clarified that while he will pump the cryptocurrency and wants Bitcoin to succeed, he will not sell the holdings just because the price is high. "I might pump, but I don't dump," Musk said.

"I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed."

Musk's statement comes a couple of months after he had announced that Tesla will not accept payments in Bitcoin because of the environmental concerns. This was opposite to the initial announcement made by the carmaker and had a negative impact on the entire crypto market. Bitcoin bled after Musk's statement and others currencies also showed similar sentiment in mid-may.

"We're not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin."

Musk also revealed that he also owns Ethereum and Dogecoin another cryptocurrency he has promoted a lot in social media. Musk spoke at a panel with Jack Dorsey, CEO of Twitter and payment company Square, and Cathie Wood, the founder and CEO of ARK Invest.

Ethereum which has already been on a rise further went up after Musk's statements.

In February, Tesla disclosed it had invested $1.5 billion in Bitcoin. However, some investment was sold in the first quarter at a $101 million profit. Tesla started accepting Bitcoin in late March, but stopped it early May, just after 49 days.

Musk also asked Dorsey if he would accept Bitcoin as a payment option for advertising on Twitter. Dorsey dodged the question, though he'd earlier promoted his Bluesky project. Doresey had announced this project in December 2019 but, it hasn't made many inroads since then.

"My biggest focus right now is on a decentralized social media protocol, we're calling it Bluesky," he said in response to Musk. "It's super, super early."