Ethereum price rises after Elon Musk confirms he owns the cryptocurrency

SourceCNBC
SectorFinancial Markets
CountryMiddle east

The price of ethereum rose Wednesday afternoon after and SpaceX CEO Elon Musk said he owns the cryptocurrency at , an event hosted by the Crypto Council for Innovation. Ethereum, which was already rallying on the day, touched its high of the session after Musk’s mention. It was last up more than 12% and near the highs of the day.

Musk also repeated his support for cryptocurrency in general, despite potential environmental risks, saying, “One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.” As bitcoin mining is increasingly powered by renewable energy, Musk said, Tesla will likely move to accept bitcoin for transactions once again. Musk also said that at this time, the only publicly traded stock he owns is Tesla’s, and that he personally owns some bitcoin, dogecoin and ethereum. “The only significant thing I own outside...read more...