The price of ethereum rose on Wednesday afternoon after Tesla and SpaceX CEO Elon Musk said he owned the cryptocurrency at The B-Word conference, an event hosted by the Crypto Council for Innovation.
Ethereum, which was already rallying that day, hit its session high after Musk was mentioned. It was up over 12% and near daily highs.
Musk also reiterated his support for cryptocurrency in general, despite the potential environmental risks, saying, “One thing you should be careful with with crypto, especially bitcoin, using proof of work, using a little too much energy and not necessarily good for the environment. “
Musk also said that currently the only publicly traded stock he owns is Tesla and that he personally owns bitcoin, dogecoin and ethereum. “The only major thing I own outside of Tesla is SpaceX,” he noted, after helping to create the two companies.
He also said he was holding his bitcoin for the long term.
“If the price of bitcoin goes down, I lose money. I could pump but I don’t empty, ”Musk said. “I certainly don’t believe in increasing the price and selling or anything like that. I would like to see bitcoin succeed. “
Musk also confirmed that Tesla and SpaceX both own bitcoin and no other cryptocurrency at the moment.
The B-Word conference was created to “demystify”, “destigmatize” and “correct the dominant narrative” around cryptocurrency bitcoin and promote its acceptance and institutional use.
Musk speaks on a panel alongside Jack Dorsey, CEO of payments firm Square and Musk’s favorite social media platform, Twitter, as well as CEO and founder of ARK Invest, Cathie Wood, who answer questions from Moderator and Head of Square Crypto, Steve Lee.