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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

Best Owie
Best Owie
1 year ago
3 mins read
Picture of an astronaut in space with a green bitcoin in front of him, depicting SpaceX holding bitcoin

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Elon Musk has revealed that Space X, his rocket company, owns and continues to hold bitcoin. Musk was on The B Word conference to talk about bitcoin and other cryptocurrencies, alongside well-known personalities in the crypto space like Twitter CEO Jack Dorsey, and CEO of Ark Invest Cathie Wood.

The trio was also joined by Steve Lee, who is the Lead for Square Crypto, which is an arm of Square dedicated to digital currencies. The panelists are all BTC investors, with Jack Dorsey and Elon Musk confirming that they both personally own the digital asset.

Related Reading | Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments

Cathie Wood’s Ark Invest has continued to pour more money into firms involved in the crypto space. Ark Invest was one of the first to invest in Coinbase when the crypto exchange had gone public, with approximately $1B already invested in the company by Ark Invest. Also owning about 7 million shares in the Grayscale Bitcoin Trust.

Significant Bitcoin Holdings

Talking further about his holdings in crypto, Musk explained that the only significant holdings he possessed besides Tesla and SpaceX happened to be bitcoin. Confirming that the rocket company SpaceX held bitcoins, Musk said that the company is not selling the digital asset anytime soon.

Related Reading | Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target

While it was public knowledge that Tesla held the digital asset after it had started receiving payments in the asset for its electric cars earlier in the year, there had been no confirmation if the billionaire’s other company SpaceX held any of the digital assets.

Speculations continued in the market that SpaceX had indeed bought into the digital asset after Tesla. Now, Musk has confirmed that this is true, that the spaceship company did in fact hold the crypto on its balance sheet.

Tesla Might Resume Accepting Bitcoin Payments

Back in April, electric automaker, Tesla had confirmed in an SEC filing that the company had indeed bought $1.5 billion worth of bitcoin which is held on its balance sheet. Not too long after this, the automaker announced that it had started accepting payments in the digital asset for its electric vehicles.

The market reaction to this news was immense as the price of the asset rose quickly in response to this announcement. But then at the beginning of March, the company retracted this payment option, citing the environmental impact of mining as being the reason it would no longer accept payments in the digital asset.

Related Reading | Cathie Wood’s Ark Invest Sinks Another $10.8 Million Into Grayscale’s Bitcoin Trust

Talking about this decision and if there was any chance of Tesla going back to accepting bitcoin payments, Musk explained that the company would most likely resume accepting the digital asset as a method of payment. But that a little more due diligence is required in order to confirm that the energy usage of bitcoin mining was at least 50% renewable.

Although Musk has now confirmed that SpaceX holds the digital asset, the billionaire did not disclose how much of the digital asset the rocket ship company currently holds on its balance sheet.

Bitcoin price chart from TradingView.com

BTC currently trading at above $31,000 | Source: BTCUSD on TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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