The digital coin touched its high on Wednesday shortly after the tech billionaire made the comments. Ethereum had soared by more than 12 percent in a major boost for the highly volatile cryptocurrency markets. It peaked at $2,024.52 and at 10.30am on Thursday morning stood at $1,980.33, according to CoinDesk – still up by 4.5 percent over the past 24 hours. Mr Musk said he personally owned Bitcoin, Ethereum and Dogecoin, outside of Bitcoin owned by Tesla and SpaceX.
He added: “I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling. I would like to see Bitcoin succeed.”
The latest surge came after Bitcoin’s price also jumped after Mr Musk said Tesla will “most likely” restart accepting the cryptocurrency as a form of payment for its vehicles.
The value of Bitcoin jumped eight percent to $32,160.16, having fallen below the $30,000 mark for the first time in a month on Thursday.
Mr Musk announced the huge news at the B-Word conference on Wednesday in what will be a huge boost for Bitcoin and cryptocurrency markets, which have been floundering badly recently.
In May, he had dealt a major blow to the market after revealing Tesla would stop accepting Bitcoin for purchases of its electric cars – less than two months after the firm started accepting the world’s biggest digital currency for payment.
He told the conference: “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin.
“Most likely the answer is that Tesla would resume accepting Bitcoin.”
The decision to accept Bitcoin as a form of payment for its electric vehicles had highlighted the division between Mr Musk’s pursuit of being environmentally friendly and the use of his popularity as one of the world’s richest people to back cryptocurrencies.
A number of Tesla investors and environmentalists have continued to express displeasure at the way Bitcoin is “mined” as it is required to use huge amounts of electricity generated with fossil fuels.
But now more digital currency miners are trying to use renewable energy to mitigate the impact on the environment.
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