Elon Musk, the billionaire businessman, revealed on Wednesday that he owns the cryptocurrency Ethereum. 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.
Following Musk’s remarks, the price of Ethereum increased by 12%. Ethereum was trading at $1,970.50 as of 6:27 p.m. ET.
During the conference, Elon Musk, CEO of Tesla and SpaceX, stated his general support for Bitcoin. His support for mining stemmed from his awareness of potential environmental dangers. He emphasized the importance of keeping an eye on the type of energy used by various cryptocurrencies.
“One thing you do need to watch out for with crypto, particularly bitcoin, is employing proof of work, which uses a bit too much energy and isn’t always healthy for the environment,” he stated at the conference.
Musk stated in a June tweet that Tesla will resume bitcoin transactions after it had “confirmation of fair (50 percent ) renewable energy usage by miners with a positive future trend.”
According to the event’s website, “The B Word is a Bitcoin-focused effort that attempts to demystify and destigmatize conventional narratives about Bitcoin and explain how institutions can embrace Bitcoin and how we can all support the network.”
Musk also acknowledged that he only holds a small amount of bitcoin and Dogecoin, and that Tesla and SpaceX each hold bitcoin on their own.