Tesla Inc, Twitter Inc, SpaceX, resume accepting bitcoin

Elon Musk’s love affair with bitcoin runs deeper than previously known.

The billionaire head of Tesla Inc said his space exploration company also owns the digital token – and has no plans to sell it.

Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for bitcoin with fellow backers Cathie Wood, head of Ark Investment Management, and Jack Dorsey, chief executive officer of Twitter Inc and Square Inc.

Musk said that he personally owns bitcoin, Ethereum and Dogecoin, while Tesla and SpaceX both exclusively own bitcoin. The cryptocurrency climbed as high as US$32,820 during the panel Wednesday before falling to about US$31,683 at 3:49pm New York time.

“I would like to see bitcoin succeed,” Musk said. “If the price of bitcoin goes down, I lose money. I might pump but don’t dump.”

Musk said that Tesla would most likely resume accepting bitcoin for purchases once mining becomes less environmentally taxing.

“It looks like bitcoin is shifting more toward renewables,” Musk said. “I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50 per cent.”

Hydroelectric, geothermal and nuclear energy could all be good sources of power for bitcoin mining, he noted.

“The expectation is not that energy production is pure as the driven snow, but it can’t be using the world’s dirtiest coal,” Musk said.

Wood said corporations should consider adding bitcoin to their balance sheets, partly as a hedge against deflation. She added that the Financial Accounting Standards Board should reconsider how it classifies bitcoin since institutions currently have to write off holdings when the price declines. Listing it as an intangible asset could help remedy that.

“Think about how explosive growth could be,” she said.

Still, MicroStrategy Inc, which reports earnings next week, may illustrate the perils of companies amassing large bitcoin holdings. The firm has piled into the digital currency in recent months, only to see the token slump roughly 50 per cent since its April peak.

As for Tesla, Musk noted that the company’s bank balances in Europe have negative interest rates, saying it “drives me crazy”.

“We should definitely move that into bitcoin,” he said.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

UK probes Chinese takeover of Newport Wafer Fab, the country’s biggest chip plant

Huawei, Volkswagen supplier enter 4G licensing deal as US sanctions-hit telecoms giant widens business

China’s TikTok gets its own web version as user growth plateaus, nearing the country’s total mobile user base

Bitcoin crackdown sends graphics cards prices plummeting in China after Sichuan terminated mining operations

China’s new private tutoring regulatory watchdog is another blow to the industry amid ongoing crackdown

Google’s smartphone tie-up with Indian billionaire Ambani faces supply chain constraints and culture clashes

China must pursue chip assembly, packaging breakthroughs to catch up with semiconductor leaders, experts say

US-China tech war: American tech bill locks Huawei on Washington’s trade blacklist as the company plays up its cybersecurity credentials

Covid-19 outbreak at Taiwan chip-testing factory may worsen semiconductor shortage

China’s tech hub Shenzhen restricts travel and tests millions to stem Covid-19 after one case confirmed

Struggling Huawei steps up software drive with HarmonyOS 2.0 for Internet-of-Things era

China’s digital economy: network of data centre hubs to address infrastructure imbalance between east and west

Huawei to roll out self-developed Harmony OS for smartphones next month, ending its reliance on Google’s Android

AMD CEO Lisa Su says chip shortages ‘not a disaster’ but semiconductor firm’s path gets tougher

Alibaba swings to a fourth-quarter loss after swallowing US$2.8 billion antitrust fine

Tencent-backed online insurer Waterdrop seeks to widen health policy coverage for China’s poor, founder says

NEWS RELATED

Elon Musk's Neuralink raises over $200 million from Google Ventures, others

Bengaluru: Billionaire entrepreneur Elon Musk’s brain-chip startup, Neuralink, has raised $205 million in a funding round led by Dubai-based venture capital firm Vy Capital, with participation from Alphabet Inc.’s Google Ventures. Neuralink aims to implant wireless brain computer chips to help cure neurological conditions including Alzheimer’s, dementia and spinal cord…

Read more: Elon Musk's Neuralink raises over $200 million from Google Ventures, others

‘Made in China, sold on Amazon’ merchants scramble to minimise losses after US platform closes over 50,000 Chinese shops

Chinese merchants locked out of selling on Amazon are weighing their legal options and looking to Beijing for help after the world’s largest e-commerce platform shut down more than 50,000 stores from the country over banned practices such as commissioning fake reviews. A group of more than 20 mid-sized and…

Read more: ‘Made in China, sold on Amazon’ merchants scramble to minimise losses after US platform closes over 50,000 Chinese shops

Twitter beats revenue targets with ad improvements, shares jump 5%

Twitter Inc on Thursday reported higher revenue growth than Wall Street had expected, as the social media platform rolled out ad targeting improvements to help brands reach potential customers. Shares of Twitter rose 5% to $73 in trading after the bell. Since the start of the year, Twitter has raced…

Read more: Twitter beats revenue targets with ad improvements, shares jump 5%

Tesla lobbies India for sharply lower import taxes on electric vehicles: Report

Tesla Inc has written to Indian ministries seeking a big reduction in import duties on electric vehicles (EVs), a move it says will boost demand and generate revenue for the government, two sources with knowledge of the matter said. Its pitch, however, is likely to face resistance from Prime Minister…

Read more: Tesla lobbies India for sharply lower import taxes on electric vehicles: Report

Twitter Inc doesn't own a single share in Twitter India: Manish Maheshwari's lawyers to Karnataka HC

Twitter Inc, an entity registered in the United States that controls the microblogging platform, does not own a single share in Twitter Communications India Pvt Ltd, lawyers representing the Indian company’s managing director Manish Maheshwari told the Karnataka High Court on Thursday. Senior counsel C V Nagesh, who appeared on…

Read more: Twitter Inc doesn't own a single share in Twitter India: Manish Maheshwari's lawyers to Karnataka HC

Mercedes vows to be ready for car markets going electric-only

Mercedes-Benz maker Daimler plans to invest more than 40 billion euros ($47 billion) between 2022 and 2030 to develop battery electric vehicles (EVs), and be ready for an all-electric car market by the end of that period. Outlining its strategy for an electric future, the German luxury carmaker said on…

Read more: Mercedes vows to be ready for car markets going electric-only

Texas Instruments, one of world’s largest chip makers, worries industry will make too many semiconductors

Chip makers from Taiwan to the United States are cranking up production to address semiconductor shortages that have hammered carmakers and other customers, as they try to emerge from the coronavirus pandemic. Now that unprecedented surge in investment is fuelling fears the semiconductor industry will overshoot, adding so much capacity…

Read more: Texas Instruments, one of world’s largest chip makers, worries industry will make too many semiconductors

Forbes China names Alibaba founder Jack Ma country’s most generous entrepreneur in 2020, as tech giants top charity list

Jack Ma, founder of e-commerce giant Alibaba Group Holding, was the most generous Chinese entrepreneur last year, according to the latest Forbes China list published on Tuesday. Ma, who retired as Alibaba’s chairman in 2019, has largely faded from public view since a controversial speech in Shanghai last October that…

Read more: Forbes China names Alibaba founder Jack Ma country’s most generous entrepreneur in 2020, as tech giants top charity list

Karnataka HC defers order in petition filed by Twitter India

Beijing’s decision to block Tencent’s Douyu-Huya merger deal marks end of freewheeling internet era in China

ByteDance’s gaming chief sets out global ambition to rival Nintendo and Blizzard after US$4 billion Moonton deal

Beyond Meat opens JD.com store in e-commerce push to entice meat substitute-averse Chinese consumers

Trip.com ordered to make exception to privacy policy in lawsuit that could open the door to further legal action

TSMC says Nanjing wafer fab expansion plans on track as second quarter revenue surges 28 per cent

Twitter sees surge in government demands to remove content of reporters, with India submitting the most requests

Twitter suspends some fake accounts it verified by mistake

OTHER NEWS