Does Elon Musk really own over $5 billion in Bitcoin?

By Tesla and SpaceX: Does Elon Musk really own over $5 billion in Bitcoin?

Tesla’s $1.5 billion investment in Bitcoin is only part of Elon Musk’s total crypto holdings, according to Anthony Scaramucci.

Electric car giant Tesla’s $1.5 billion investment in Bitcoin Revolution is less than a third of the total crypto reserves held by Elon Musk and his companies, claims Anthony Scaramucci, CEO of investment firm SkyBridge Capital.

„Elon Musk didn’t stop with Tesla. I know SpaceX owns bitcoin on its balance sheet,“ Scaramucci tweeted, and:

„Elon Musk owns over $5 billion in Bitcoin through Tesla, SpaceX and personally.“

On 8 February, Tesla disclosed its $1.5 billion bitcoin investment through its Form 10-K filed with the US Securities and Exchange Commission.

SpaceX, on the other hand, is not a publicly traded company and is therefore not required to disclose such information

Some reports also claimed that Richard Lee, SpaceX’s senior treasury director, attended the MicroStrategy cryptocurrency conference last month.

In its filing, Tesla stated that its investment policy was updated in January 2021 to „provide more flexibility to further diversify and maximise our cash resources not required to maintain adequate operating liquidity.“

Scaramucci’s latest comments come amid growing concerns about the negative impact of bitcoin (to buy bitcoin guide) and other blockchains – and specifically non-fungible tokens – on the ecosystem. However, Scaramucci argued that „no living person has done more to protect the planet from climate change“ than Elon Musk.

„The idea [that] Elon Musk would invest in ‚dirty assets‘ is absurd. The future of Bitcoin mining is renewable energy,“ Scaramucci continued, adding, „Elon Musk sees the future as 1) renewable energy replacing fossil fuels 2) Bitcoin demonetising gold, RE, stocks & art and becoming the dominant store of value.“

Obviously, this implies that if Elon Musk has invested a significant portion of his and his companies‘ funds in BTC, this proves that Bitcoin’s blockchain is actually not as harmful to the environment as some critics claim (here to Deutsche Bank’s bullish report on Bitcoin).

„The answer to energy FUD is Elon Musk!“, Scaramucci concludes.

Background to the criticism: A research report by a Bank of America analyst claims that the verification of Bitcoin transactions causes the same amount of CO2 emissions as Greece – about 60 tonnes.