Bitcoin (BTC) and Ethereum (ETH) Recover As Elon Musk Voices His Support

July 22, 2021 6:07 AM EDT

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Ethereum (ETH) price closed 11.7% higher yesterday after Elon Musk confirmed he owns the digital asset. Speaking at the “B Word Conference,” hosted by the Crypto Council for Innovation, Musk voices his support for the entire cryptocurrency ecosystem.

“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,” he said.

Musk personally owns Bitcoin, Ethereum, and Dogecoin (DOGE), as well as his Tesla and SpaceX companies.

“If the price of bitcoin goes down I lose money. I might pump but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”

Bitcoin (BTC) price closed 7.9% higher on the day to return trading above the $30,000 handle after Tesla’s CEO also said that the company will “most likely” return to accepting Bitcoin payments in the future.

"I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin.”

"Tesla's mission is accelerating the advent of sustainable energy. We can't be the company that does that and also not do appropriate diligence on the energy usage of bitcoin," Musk added.

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