The expertise billionaire was talking at The ₿ Phrase convention on Wednesday, alongside Twitter CEO and outstanding crypto advocate Jack Dorsey, together with his feedback pushing the bitcoin rival above $2,000.
“Bitcoin does some issues effectively, and it’s evolving… Usability for the common particular person isn’t nice however it has lots of potential,” he stated.
“On stability I help bitcoin and cryptocurrency usually.”
Earlier this yr, the Tesla boss made headlines after saying that his firm would settle for bitcoin as a type of cost for electrical vehicles, nevertheless subsequently backtracked after citing environmental considerations about bitcoin’s community.
The cryptocurrency has since shifted extra in the direction of renewable vitality sources following a significant crackdown in China on bitcoin mining operations, which have been largely powered by coal-fuelled energy crops.
Tesla additionally introduced a $1.5 billion funding into bitcoin in February, making it the world’s second largest company investor behind the software program agency MicroStrategy.
A small portion of this was subsequently bought off however the majority continues to be held by Tesla regardless of the latest worth slide.
After reaching an all-time excessive above $64,000 in mid April, bitcoin’s worth has fallen to round half its peak worth and is presently buying and selling at simply above $32,000.
Market actions have usually been attributed to feedback made by Mr Musk, with the worth surge and crash each coinciding with Tesla’s acceptance and rejection of the cryptocurrency.