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Tuesday, October 19, 2021

Ethereum Prices Has Increased After Elon Musk’s Comments

The price of cryptocurrency Ethereum did increase in the afternoon on Wednesday after Elon Musk, the CEO of Tesla and SpaceX, mentioned that he owned the cryptocurrency. This came out in a B-Word Conference- which is an event hosted by the Crypto Council for Innovation. The cryptocurrency managed to touch its high after musk brought it up. The token had been rallying throughout the day and it soon increased by 12% when the market closed for the day. 

Ethereum, Bitcoin Owned By Elon Musk

Musk has also come out in support of major cryptocurrencies, regardless of the environmental risks that could potentially crop up. He recently stated that the one thing that people need to understand is that with cryptocurrencies like Bitcoin and Ethereum, the amount of energy needed needs to be maintained.

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The rest of the problem would definitely work itself out. It is imperative that stringent measures be taken to see that the cryptocurrencies don’t end up using too much energy. He further stated that since the mining of Bitcoin was increasingly powered by energy from renewable sources, Tesla will again start accepting it as a functional mode of payment. 

Musk finally clarified that although the only publicly traded stock that he owns is Tesla, he also has ownership over cryptocurrencies like Ethereum, Bitcoin, and Dogecoin. He noted that SpaceX and Tesla are the only two significant companies that he had created by himself. But that didn’t deter the fact that he had been holding onto Bitcoin for quite some time now.

He explained that he wouldn’t be dumping this cryptocurrency– even if he had to lose money. While he didn’t believe in increasing the price, he also didn’t want to sell it- he would simply want it to succeed. 

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Along with Bitcoin, Ethereum has also been riding the coattails of Elon Musk, as it has been clarified that both SpaceX and Tesla have ownership over Bitcoin. 

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