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HomeTechnologyEthereum value rises after Elon Musk confirms he owns the cryptocurrency

Ethereum value rises after Elon Musk confirms he owns the cryptocurrency

Elon Musk, head of Tesla, on the Tesla Gigafactory building website in Grünheide close to Berlin, September 3, 2020.

Patrick Pleul | image alliance | Getty Pictures

The value of ethereum rose Wednesday afternoon after Tesla and SpaceX CEO Elon Musk stated he owns the cryptocurrency at The B-Phrase convention, an occasion hosted by the Crypto Council for Innovation.

Ethereum, which was already rallying on the day, touched its excessive of the session after Musk’s point out. It was final up greater than 12% and close to the highs of the day.

Musk additionally repeated his assist for cryptocurrency generally, regardless of potential environmental dangers, saying, “One factor you do have to be careful for with crypto, particularly bitcoin, utilizing proof of labor, utilizing vitality that is a bit an excessive amount of and never essentially good for the setting.”

Musk additionally stated that at the moment, the one publicly traded inventory he owns is Tesla’s, and that he personally owns some bitcoin, dogecoin and ethereum. “The one important factor I personal exterior of Tesla is SpaceX,” he famous, having helped create each firms.

Musk additionally confirmed that each Tesla and SpaceX personal bitcoin, and no different cryptocurrency at the moment.

The B-Phrase convention was established to “demystify,” “de-stigmatize” and “right the mainstream narrative” across the cryptocurrency bitcoin and promote its institutional acceptance and use.

Musk is talking on a panel alongside Jack Dorsey, CEO of fee firm Sq. and Musk’s favourite social media platform Twitter, together with ARK Make investments CEO and founder Cathie Wooden, who’re answering questions from moderator and Sq. Crypto lead Steve Lee.

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