The solid friendship between Elon Musk and the crypto market can hardly surprise anyone. Crypto assets tumbled significantly due to negative fundamental background. Yet, a friend in need, namely Elon Musk, interfered.
Notably, the crypto market was experiencing not the best times. However, neither China’s government crackdown on the crypto industry nor the attacks of US and UK central banks were able to crush digital assets. Naturally, BTC incurred noticeable losses but still held firm. Then, Elon Musk extended a helping hand.
"The only thing I own of any significance beyond Tesla and SpaceX stock is bitcoin, and then some ethereum and dogecoin," Musk confirmed during The B-Word conference. The news about SpaceX investing its cash reserves in bitcoin surprised traders. Unlike Tesla, it is not a public company and it is not obliged to disclose information about the ownership of BTC to the public.
Musk considers himself to be a supporter of bitcoin and cryptocurrencies, although he criticizes them for their high energy consumption. Commenting on his impact on the market, Musk said that "if the price of bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed." Tesla’s CEO also hinted that Tesla would most likely resume accepting payments in bitcoin.
In general, the conference gave a powerful boost to the entire crypto market. Its capitalization soared by almost 15%. The panel discussion "Bitcoin is a means of creating economic opportunities" was also attended by the founder of Twitter, Jack Dorsey, and the head of the asset management company ARK Invest, Kathy Wood.
