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 approaching the daily 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 a bit too much and not necessarily good for the environment. “

With bitcoin mining increasingly powered by renewable energy, Tesla will likely accept bitcoin for transactions again, Musk said.

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 can pump, but I don’t tip, ”said Musk. “I definitely don’t believe in getting the price up and selling or anything like that. I want to see Bitcoin successful.”

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 spoke on a podium with Jack Dorsey, CEO of the payment company Square and Musk’s favorite social media platform Twitter, as well as Ark Invest founder and CEO Cathie Wood, who answered questions from moderator and Square Crypto head Steve Lee.