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- Ethereum prices were up 12% on Wednesday before Musk’s comments
- Ethereum, which was already rallying, got an extra fillip with Musk’s revelation
- Musk also said that he supports cryptocurrency in general despite environmental concerns
Once again, Elon Musk and his tweets have affected the cryptocurrency market. The price of Ethereum rose after Elon Musk confirmed that he owns cryptocurrency. Ethereum prices were up 12% on Wednesday before Musk’s comments. Musk also said that he supports cryptocurrency in general despite environmental concerns regarding the Mining of crypto coins.
Tesla had earlier announced that it would accept cryptocurrencies as payments for its electric cars.
However, it later made a U-turn and said that it would stop taking cryptocurrencies due to environmental concerns associated with Mining. Tesla, however, did say that it will start accepting Bitcoin again when 50% of Bitcoin mining activities are done with eco-friendly energy sources.
Ethereum Prices Surge after Musk reveals he owns crypto tokens
Source: CoinMarketCap
The price of Ethereum rose on Wednesday afternoon after statements by Tesla and SpaceX CEO Elon Musk announced that he owns cryptocurrencies. Musk made this revelation at the B-Word conference, an event hosted by the Crypto Council for Innovation.
Ethereum, which was already rallying, got an extra fillip with Musk’s revelation and touched the high of the session. It was last up to more than 12% and near the highs of the day.
Musk had earlier called Dogecoin, a meme-based token, a hustle in a TV show and had expressed concern on the environmental impact of cryptocurrency mining. Cryptocurrency mining is an energy-intensive process and could leave a significant carbon footprint.
However, Musk has also been one of the most vocal supporters of cryptocurrencies, and his tweets and statements had a substantial impact on the values of different cryptocurrencies.
Musk added that environmental concerns are a factor that needs to be looked into, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.
Since significant cryptocurrencies like BTC and ETH mining are powered by renewable energy, Musk said, Teslawill likely move to accept bitcoin for transactions once again.
Musk said he held his Bitcoin for the long term.
Musk also said that the only publicly traded stock he has is Tesla’s and that he owns some bitcoin, Dogecoin, and ethereum. The only other thing which Musk owns is SpaceX. Musk also said that he held his Bitcoin for the long term.
Musk said that if Bitcoin goes down, he will lose money. He also added he would help increase the values of the cryptocoin he holds but will never forsake it. Musk said that he never believes in having tokens and waiting for their price to rise to sell them for a profit. He only wants to see the cryptocurrencies succeed.
Musk has also revealed that Tesla and SpaceX own some Bitcoins and no other cryptocurrency at this time.