After Elon Musk stated that he personally owns Ethereum, the price of the cryptocurrency skyrocketed.

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Elon Musk Said He Personally Owns Ethereum, Price Of Cryptocurrency Jumps Soon After

Elon Musk, a billionaire businessman, revealed on Wednesday that he owns Ethereum, a cryptocurrency. Musk made the remarks during the Crypto Council’s “The B-Word” conference, an online event aimed at encouraging enterprises and institutional investors to adopt bitcoin.

The price of Ethereum increased by 12% as a result of Musk’s remarks. Ethereum was trading at $1,970.50 as of 6:27 p.m. ET.

During the conference, the Tesla and SpaceX CEO spoke of his overall backing for cryptocurrency. His support for mining came with his understanding of the concern for potential environmental risks. He explained how it is important to watch out for what kind of energy certain cryptocurrencies use.

“One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment,” he said at the conference.

Musk claimed in a June tweet that Tesla will resume bitcoin transactions if it had “confirmation of moderate (50%) clean energy usage by miners with a favorable future trend.”

The B Word’s website explained the event as “The B Word is a Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin and explain how institutions can embrace Bitcoin and how we all can support the network.”

Musk also acknowledged that he only holds a small amount of bitcoin and Dogecoin, and that Tesla and SpaceX each have their own bitcoin holdings.

 

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