Elon Musk and Jack Dorsey talk about cryptocurrency at B-Word Conference

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Still image from The B Word showing Elon Musk.

Source: The B Word

The price of Ethereum surged Wednesday afternoon after Tesla and SpaceX CEO Elon Musk said he owns the cryptocurrency at the B-Word Conference, an event hosted by the Crypto Innovation Council.

Ethereum, which has already been rallying for the day, reached session highs after Musk’s mention. It has been in the past over 12% and close to its highest levels today.

Musk also reiterated his support for cryptocurrencies in general, despite the potential environmental risks, saying: “One thing you need to pay attention to with cryptocurrency, and especially bitcoin, is using proof of work, energy use a lot and not necessarily good for the environment.”

Musk said that as bitcoin mining is increasingly powered by renewable energy, Tesla will likely move to accept bitcoin for transactions again.

Musk also said that at this time, the only publicly traded stocks he owns are Tesla’s, and that he personally owns some Bitcoin, Dogecoin and Ethereum. “The only important thing I own outside of Tesla is SpaceX,” he noted, having helped create both companies.

He also said that he is holding bitcoin for the long term.

“If bitcoin goes down, I lose money,” Musk said. “I might pump but I don’t get rid of it.” “I definitely don’t believe in going up and selling or anything like that. I’d like to see Bitcoin succeed.”

Musk also confirmed that both Tesla and SpaceX own bitcoin, and there is no other cryptocurrency at this time.

The B-Word conference was created to “demystify,” “remove the stigma,” and “correct the prevailing narrative” around the cryptocurrency bitcoin and boost its institutional acceptance and use.

Musk speaks on a panel alongside Jack Dorsey, CEO of payment firm Square and Musk’s favorite social media platform Twitter, along with CEO and founder of ARK Invest, Cathy Wood, who are answering questions from broker and Square Crypto President Steve Lee.

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