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Kimbal Musk: 'When we invested in Bitcoin, it was a risky investment.'

Feb 28, 2022

Elon Musk, Tesla Co-Founder and CEO, says that the electric vehicle manufacturer was originally “very ignorant” of Bitcoin’s environmental concerns when it added BTC to its balance sheet.

Tesla filed an annual report with the U.S. Securities and Exchange Commission (SEC). This report stated that Tesla had invested $1.5 billion in Bitcoin.

Kimbal, who is a Tesla board member, was asked at ETHDenver 2022 (February 17-20, 2022) if Bitcoin’s environmental concerns could push more companies to invest in Ethereum instead of Bitcoin in the future.

We mistakenly invested in Bitcoin. We did not know what the environmental impact was.?

We made the decision to reduce energy consumption without fully understanding the implications.

We made the decision to reduce energy consumption without fully understanding the implications.