- Elon Musk on Wednesday said he is a supporter of bitcoin and wants to see the cryptocurrency succeed.
- "If the price of bitcoin goes down, I lose money. I might pump but I don't dump," Musk said during "The B Word" event.
- Musk spoke on the panel alongside Twitter chief Jack Dorsey and Ark Invest CEO Cathie Wood.
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Elon Musk on Wednesday detailed his thoughts on cryptocurrencies, saying on a live panel that he is a supporter of bitcoin and would like to see the asset succeed.
"If the price of bitcoin goes down, I lose money. I might pump but I don't dump," Musk said during "The B Word" event, which also featured Twitter chief Jack Dorsey and Ark Invest CEO Cathie Wood.
He continued: "I definitely do not believe in getting the price high and selling or anything like that. I'd like to see bitcoin succeed."
The Tesla boss also admitted that he holds "far more" bitcoin than dogecoin or ether. Apart from cryptocurrencies, he said he only owns stock of Tesla and SpaceX.
The energy consumed by bitcoin mining came under the microscope in May after Musk abruptly suspended the purchase of Tesla vehicles using bitcoin due to environmental concerns.
Since then, his influence over the cryptocurrency community has waned somewhat.
But Musk insisted his reticence on bitcoin's energy usage is not financially motivated.
While he doubled down on the negative impacts of bitcoin mining on the environment, he did say during the panel that Tesla might accept bitcoin as payment again.
Cryptocurrencies, led by bitcoin, have struggled to rebound from a massive crash in May when the value of the total market dropped by nearly half in just seven days