Bitcoin rose by over 8% on Wednesday after Tesla and SpaceX CEO Elon Musk said that he holds significant amounts of the cryptocurrency.
“I might pump, but I don’t dump,” Musk said during a discussion at The B Word conference with Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood. “Outside of Tesla and SpaceX stock, it’s my largest holding.”
Bitcoin is a cryptocurrency that only exists in digital form and is not regulated by any central bank. It is protected from counterfeiting via encryption and transmitted via blockchain technology.
Musk added that Tesla will likely begin accepting bitcoin as a valid form of payment once the “mining” process becomes greener. Previously, the electric vehicle manufacturer suspended the use of bitcoin over environmental concerns that conflicted with its mission.
“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used… have been shut down, especially in China,” said Musk as