The price of ethereum increased Wednesday afternoon after Tesla and SpaceX CEO Elon Musk said he owns the cryptocurrency at The B Word conference, an occasion hosted by the Crypto Council for Innovation.
Ethereum, which was already rallying on the day, touched its high session after Musk’s reference. It was last up to more than 12% and near the highs of the day.
Musk likewise repeated his support for cryptocurrency in general, despite prospective ecological threats, saying, “Something you do require to look out for with crypto, particularly bitcoin, utilizing proof of work, utilizing energy that’s a bit too much and not necessarily helpful for the environment.”
As bitcoin mining is progressively powered by renewable energy, Musk stated, Tesla will likely relocate to accept bitcoin for transactions once again.
Musk likewise said that at this time, the only openly traded stock he owns is Tesla’s and that he holds some bitcoin, dogecoin, and ehtereum. “The only substantial thing I own beyond Tesla is SpaceX,” he noted, having assisted in developing both businesses.
He likewise stated he has been holding his bitcoin long-term.
” If the price of bitcoin goes down, I lose cash. I might pump, but I do not dump,” Musk said.
Musk also confirmed that both Tesla and SpaceX own bitcoin and no other cryptocurrency at this time.
The B Word conference was established to “debunk,” “de-stigmatize,” and “fix the mainstream narrative” around the cryptocurrency bitcoin and promote its institutional acceptance and usage.
Musk spoke on a panel together with Jack Dorsey, CEO of payments company Square and Musk’s preferred social networks platform Twitter, in addition to Ark Invest creator and CEO Cathie Wood, who addressed questions from a mediator and Square Crypto lead Steve Lee.