Elon Musk Ethereum ETH DeFi

Elon Musk Reveals ETH Holdings, Supports DeFi

Elon Musk Ethereum ETH DeFi

Elon Musk confirmed he personally owns Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). This is likely the first time Musk reveals his private holdings in Ether, the native cryptocurrency of the Ethereum blockchain.

On The B Word conference with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood, Musk said he is ultimately a supporter of Bitcoin and cryptocurrencies.

“If the price of Bitcoin goes down, I will lose money. I might pump, but I don’t dump,” Musk said. “Bitcoin with a Layer 2 system could scale to do a vast number of transactions,” he said, adding that Tesla is likely to resume accepting Bitcoin payments.

At the time of writing, Bitcoin is trading at $32,018.85, up 7.1% in the previous 24 hours. Ethereum is trading at $1981.80, up 10.8%.

Musk confirmed SpaceX also owns Bitcoin, without disclosing how much SpaceX holds. He also said he’s “a fan of” decentralized finance (DeFi), adding that it “makes sense” for most DeFi protocols being built on the Ethereum network.

Ethereum New Direction: Move Beyond DeFi

Ethereum co-founder Vitalik Buterin urges the community to grow beyond just dApps and “DeFi Degens”. During his keynote at the EthCC conference in Paris, Buterin said Ethereum needs to look beyond the wild, speculative financial movement known as DeFi.

“The degens can pay for it, the apes can pay for it, the orangutans can pay for it,” Buterin said, but a holistic Ethereum ecosystem won’t work, if gas fees cripple the average user. He has high hopes for the network’s uses for public good, such as “retroactive funding,” in which developers effectively build public infrastructure for free and then are paid for it when it yields dividends.

Buterin talked about Ethereum underpinning a new social media platform that would encourage higher-quality posting. Also, he laid out his vision for the use of Ethereum wallets as multipurpose online identities — similar to existing login providers like Google — that could be used to sign into a wide variety of Ethereum-based applications.

On the other hand, Coinbase Commerce, the e-commerce platform of the crypto exchange, has added support for Dogecoin payments.

The memecoin is only the sixth crypto to be integrated with Coinbase Commerce, following cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, Litecoin, and USDC. Coinbase Commerce allows online merchants to accept cryptocurrencies.

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