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Bitcoin climbs as Musk makes a series of revelations

The digital currency has now traded above the £23,000 mark for the last 24 hours

Bitcoin climbed higher on Wednesday as Elon Musk made a series of revelations regarding his rocket company SpaceX, bitcoin and a potential u-turn by Tesla.

The digital currency has now traded above the £23,000 mark for the last 24 hours as the billionaire mogul divulged for the first time that SpaceX holds bitcoin.

He also said at the ‘B’ Word Conference, alongside JackDorsey and Cathie Wood, that Tesla would consider accepting bitcoin as a payment method again after the electric car maker famously stopped doing so, citing concerns over the energy consumption of the digital currency.

Musk said he personally owned bitcoin, ether and dogecoin as his tone was generally positive around bitcoin, despite previously outspoken tweets.

“We’re not selling any bitcoin, nor am I selling anything personally. I would like to see bitcoin succeed,” he said.

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Musk appeared to respond to detractors who accused him of manipulating the price of crypto for his own personal gain. However, he reaffirmed his loyalty to bitcoin and reiterated the fact that he continues to have skin in the game. “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump,” Musk said.

Earlier in the year, a number of Tesla investors and environmental campaigners criticised the car company’s decision to accept bitcoin payments.

The Tesla share price closed 0.79% down yesterday following the virtual conference.

The fall-out drew attention to the ESG credentials of bitcoin. While some said it incentivises the production of renewable energy, others bemoaned that its consumption was akin to that of a small nation.

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