Elon Musk and Jack Dorsey to deal with cryptocurrency on the B-Phrase convention
A still image from The B Word showing Elon Musk.
Source: The B-Word
Ethereum’s price rose Wednesday afternoon after Elon Musk, CEO of Tesla and SpaceX, said he owned the cryptocurrency at the B-Word conference, an event hosted by the Crypto Council for Innovation.
Ethereum, which was already recovering that day, peaked after Musk’s mention. It was last up more than 12% and was close to the day’s highs.
Musk also reiterated his support for cryptocurrency in general, despite potential environmental risks, saying, “One thing to watch out for with crypto, especially Bitcoin, is the use of proof of work, the use of energy that is and isn’t a bit too much absolutely good for the environment. “
Musk also said that at this point the only publicly traded stock he owns is that of Tesla and that he personally owns Bitcoin, Dogecoin and Ethereum. “The only significant thing I own outside of Tesla is SpaceX,” said he, who helped found both companies.
He also said he is holding his bitcoins for the long term.
“If the Bitcoin price goes down, I’ll lose money. I could pump but I won’t cant,” Musk said. “I definitely don’t believe in getting the price up and selling or anything like that. I would love to see Bitcoin do well.”
Musk also confirmed that both Tesla and SpaceX own Bitcoin and currently no other cryptocurrency.
The B-Word Conference was established to “demystify”, “de-stigmatize” and “correct the mainstream narrative” of the cryptocurrency Bitcoin and to promote its institutional acceptance and use.
Musk speaks on a podium next to Jack Dorsey, CEO of the payment company Square and Musk’s most popular social media platform Twitter, as well as the CEO and founder of ARK Invest, Cathie Wood, answering questions from moderator and Square Crypto head Steve Lee.