The revelations made by Elon Musk as well as other stakeholders present at the B-Word conference have stirred a positive reaction in the broader cryptocurrency market.
The institutional adoption of Bitcoin (BTC), the world’s premier cryptocurrency might have received a new boost as the iconic engineer and billionaire Elon Musk unveils that one of his privately held outfits, SpaceX also keeps the digital currency on its balance sheet, beyond the well-publicized $1.5 billion acquisition from Tesla Inc (NASDAQ: TSLA) back in February. Musk revealed this at the B-Word conference held on Wednesday per a Coindesk report.
Elon Musk who has a notable love-hate relationship with many crypto communities made a number of revelations that jostled some digital assets by a few percentage points on Wednesday. While the Tesla Bitcoin position is clear, the news about SpaceX was coming alive for the very first time and was compounded by Musk revealing he also has personal holdings of Bitcoin, Ethereum (ETH), and his favorite cryptocurrency, Dogecoin (DOGE).
Tesla and SpaceX Bitcoin News: Elon Musk’s Fallout with the Crypto Ecosystem and Proposed Reparations
Drawing strength from his mammoth followership on Twitter, Elon Musk has a massive influence in various financial markets, the cryptocurrency ecosystem inclusive. Over time, Musk has often shared memes and comments about crypto subjects, and his tweets have always received a massive embrace amongst the crypto community.
When he unveiled the acquisition of Bitcoin by Tesla back in February, the cryptocurrency experienced a massive lifting in price and valuation, a trend that was not sustained in the weeks following. For reasons many are seeking explanations, Elon Musk stirred the nosediving of Bitcoin from its all-time high (ATH) by speaking down on the energy usage of BTC in its mining process, a development that made Tesla rescind its decisions to accept the digital currency for payment for its products.
As expected, the trend stirred the plunge of Bitcoin, and infact, the broader cryptocurrency industry with the total market capitalization losing over 600 billion from its ATH. The crypto community was not pleased with Musk for his role in the entire Bitcoin mining energy narrative, a move that lead some to create a token dubbed ‘FuckElon’ in protest.
The just-concluded B-Word conference might be a way to make soothing reparations, first with the SpaceX Bitcoin acquisition news, and also with the potential for Tesla to resume accepting BTC, as confirmed by the firm’s CEO. Musk noted that the switch to green energy is improving and the firm is still doing some due diligence in that regard.
Market Reaction to the B-Word Conference
The revelations made by Elon Musk as well as other stakeholders present at the B-Word conference have stirred a positive reaction in the broader cryptocurrency market. Bitcoin is up by 4.26% to $32,137.78 while Ethereum has added 7.38% to be exchanging hands at $2,008.33 at the time of writing.
Dogecoin, Musk’s favorite also received a price resurgence following the conference and is currently trading at $0.1935, representing a gain of 7.57% in the past 24 hours according to data from CoinMarketCap.