The tech billionaire was speaking at The ₿ Word conference on Wednesday, alongside Twitter CEO and prominent crypto advocate Jack Dorsey, his comments pushing the bitcoin rival above $ 2,000.
“Bitcoin is doing some things well, and it’s evolving… Usability to the average person isn’t great but it has a lot of potential,” he said.
“Overall, I support bitcoin and cryptocurrency in general. “
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Earlier this year, the Tesla boss made headlines after announcing that his company would accept bitcoin as a payment method for electric cars, but then backtracked after raising environmental concerns about the bitcoin network. .
Since then, cryptocurrency has turned more to renewable energy sources following a major crackdown in China on bitcoin mining operations, which were largely powered by coal-fired power plants.
Tesla also announced a $ 1.5 billion investment in bitcoin in February, making it the world’s second-largest corporate investor behind software company MicroStrategy.
A small portion of that was then sold, but the majority continues to be owned by Tesla despite the recent price drop.
After hitting a record high above $ 64,000 in mid-April, the price of bitcoin has fallen to around half of its peak value and is currently trading at just over $ 32,000.