Bitcoin is back on the rise after Elon Musk and Twitter founder Jack Dorsey spoke on a panel on the future of the cryptocurrency at the B Word Conference. At this point, Elon Musk could probably piss in the shape of the Bitcoin logo and send it to the moon.
At the time of publishing, one Bitcoin (BTC) is worth $43,681.02, up nearly 5 per cent for the day, according to CoinDesk. However, this is not even close to its all-time high.
The gains come after Musk asserted that Tesla will “most likely” accept Bitcoin as payment again in future, seemingly backflipping on his stance to stop accepting Bitcoin from earlier this year which served as a massive blow to the cryptocurrency industry.
“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,” he said, claiming he has done some significant investigation into the carbon footprint of Bitcoin mining.
Musk also asserted that he’s still a “supporter” of the coin, confirming that he, as well as his Tesla and SpaceX companies, still own Bitcoin.
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But perhaps most notably, Musk confirmed that he has no plans to sell his Bitcoin, claiming that he wishes to see the coin succeed long-term.
“If the price of Bitcoin goes down I lose money. I might pump, but I won’t dump,” he said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
In addition to Bitcoin, Ethereum saw a significant spike in the hours following his speech, up 10.6 per cent at its peak for the day. This comes after Musk finally confirmed he has a personal Ethereum investment.
At the time of publishing, the value of one Ethereum (ETH) is $2,702.41, according to CoinDesk.