The price of ethereum soared Wednesday afternoon when Elon Musk, the CEO of Tesla and SpaceX, stated at the Crypto Council for Innovation's The B Word conference that he owns the cryptocurrency.
After Musk's comment, Ethereum, which had been surging all day, hit a new high for the session. It was up more than 12% at the time of writing, close to the day's highs.
Despite the potential environmental hazards, Musk reiterated his support for bitcoin in general, saying, “One thing you do need to watch out for with crypto, particularly bitcoin, is the use of proof of work, which consumes a lot of energy that’s a bit too much and not necessarily good for the environment.”
Tesla will likely resume accepting bitcoin for transactions as bitcoin mining is increasingly fueled by renewable energy, according to Musk.
Musk also stated that the only publicly listed stock he owns at this time is Tesla's, as well as bitcoin, dogecoin, and ethereum. “The only big thing I own outside of Tesla is SpaceX,” he said, noting that he was instrumental in the founding of both firms.
He also stated that he had been keeping bitcoin for a long time.
“I lose money if the price of bitcoin falls. Musk stated, "I might pump, but I don't dump." “I definitely don't believe in setting the price too high and then selling.” Bitcoin is something I'd like to see succeed.”
Musk also stated that both Tesla and SpaceX currently own bitcoin and no other cryptocurrency.
The B Word conference aims to "de-mystify," "de-stigmatize," and "correct the mainstream narrative" surrounding bitcoin, as well as encourage its institutional acceptance and use.
Musk was on a panel with Jack Dorsey, CEO of Square and Musk's favourite social media network Twitter, as well as Cathie Wood, founder and CEO of Ark Invest, who addressed questions from moderator and Square Crypto lead Steve Lee.
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