Elon Musk's brother, Kimbal Musk, is now saying that Tesla was "very ignorant" of the environmental impact of Bitcoin when it purchased a bulk of it last year.
DENVER, CO - FEBRUARY 18: Kimbal Musk speaks at ETHDenver on February 18, 2022 in Denver, Colorado. ETHDenver is the largest and longest running Ethereum Blockchain event in the world with more than 15,000 cryptocurrency devotees attending the weeklong meetup.
As per a news story by Tech Crunch, Kimbal Musk, who is also a board member of the giant EV maker, spoke about its Bitcoin purchase last year during the Ethereum Denver conference.
Elon Musk's Brother: Tesla Was "Very Ignorant" of Bitcoin
The younger Musk said in an interview with TechCrunch during the event that back then, Tesla was "very ignorant" on the impact of Bitcoin on the environment.
However, the Tesla board member also said in the conference that he "really do not agree with the environmental impact of crypto," noting that he actually loves what the digital asset does.
Kimbal Musk revealed in the conference that when Tesla went on to invest millions of dollars in the top cryptocurrency last year, they "were very ignorant" to the point that they know about the environmental impact that Bitcoin entails.
The brother of Musk admitted that what they only had in mind was a "good store of value." Not to mention that they also thought that it was a good idea to further diversify the assets of the EV maker.
The Tesla board member added that with Bitcoin "it didn't take very long to get a million." It is worth noting that cryptocurrencies, such as BTC, are naturally volatile, thus their prices excessively fluctuate from time to time.
TechCrunch noted in the same story that when Tesla invested in Bitcoin, the top crypto had a massive bull run, skyrocketing its prices into its all-time high.
However, Kimbal disclosed that Tesla has been receiving messages from tons of people regarding the impact of Bitcoin on the environment.
After which, the EV tech giant backtracked on its move to allow its customers to use Bitcoin as a payment for their vehicles, wherein Elon Musk cited environmental concerns.
WASHINGTON, DC - MARCH 09: Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. Musk answered a range of questions relating to SpaceX projects during his appearance at the conference.
However, despite that, Tesla clarified that it would not immediately dump its current Bitcoin investments.
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Tesla's Bitcoin Holdings
According to a recent report by CNBC, the SEC filing of Tesla disclosed that the Bitcoin holdings of the tech giant have already ballooned to a whopping $2 billion by the end of 2021.
In total, the filing revealed that Tesla purchased a staggering $1.5 billion worth of Bitcoin last year.
Meanwhile, Kimbal Musk went on to say that Tesla "didn't necessarily regret" that they bought Bitcoin in the first place.
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Written by Teejay Boris
