DETROIT: Tesla founder Elon Musk said on Wednesday (Thursday in Manila) he personally has invested in Bitcoin and other cryptocurrencies but that he does not manipulate or "dump" the digital currencies. Musk said he loses money when the value of Bitcoin or other cryptocurrencies declines but that he has not been selling despite the volatility. Musk said he expected that Tesla would resume auto sales in Bitcoin, which he suspended over concerns about high energy use for "mining" of the cryptocurrency. He said he sees Bitcoin as a "native currency" for the internet that allows more people to easily make cross-border payments and supports different online business models. For Twitter, he said, Bitcoin "creates so many business models," which could for example reduce its dependence on advertising.

Source: Manila Times July 22, 2021 17:03 UTC