The price of Bitcoin and Ethereum surged Wednesday afternoon after Tesla and SpaceX CEO Elon Musk said during “The B Word” conference: “I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin”.
It’s no secret that Musk holds a huge amount of Bitcoins for the long term, as well as altcoins, Dogecoin and Ethereum. At the same time, the entrepreneur noted that both the companies he founded, Tesla and SpaceX, own only $BTC.
“Most likely Tesla will resume accepting bitcoins,” Musk said. “Tesla’s mission is to accelerate the emergence of sustainable energy. We cannot be that kind of company without doing our due diligence with Bitcoin’s energy consumption, ” he added during the event.
Jack Dorsey, CEO of Twitter and Square, will also consider accepting Bitcoin as payment from Twitter advertisers as a way to support cryptocurrency. But for now, he is more focused on creating “economic incentives in the network itself without having to rely on advertising.”
The Crypto Market Shows Signs of Recovery
The entire cryptocurrency market reacted positively to Elon Musk’s statements at “The B Word” conference. The Bitcoin price rose by 8% to $32,160 and recaptured the critical support level of $30,000, trading as high as $32,200.
The price of Ethereum increased sharply by more than 12%, but it was already trending upwards before Elon Musk’s announcements. Dogecoin, on the other hand, rose by nearly 7% to $0.19.
Cryptocurrency has finally shown signs of strength for the first time in nearly a month mostly due to “The B Word” conference and Elon’s bullish sentiment. Сrypto traders can now consider opening long positions or exchanging their altcoins for BTC, ETH or DOGE.