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Business News/ Markets / Cryptocurrency/  Bitcoin, ether, dogecoin prices surge after Elon Musk confirms he owns the cryptos
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Bitcoin, ether, dogecoin prices surge after Elon Musk confirms he owns the cryptos

Elon Musk said that Tesla would most likely resume accepting Bitcoin for purchases once mining becomes less environmentally taxing

cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)Premium
cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)

In cryptocurrencies, Bitcoin prices climbed back above $32,000 after trading below the crucial $30,000 level in the past two sessions as billionaire Elon Musk that his space exploration company SpaceX also owns the digital token and has no plans to sell it. Other cryptocurrencies like ether, dogecoin also gained after Tesla boss said that he personally owns the above three digital tokens, while Tesla and SpaceX both exclusively own Bitcoin.

As per CoinDesk, Bitcoin surged over 7% to $32,200 level whereas ether, the coin linked to Ethereum blockchain, was up to $1,980.8. Dogecoin, on the other, hand, was gained over 9% to $0.18. Other digital coins like XRP, Cardano, Uniswap also jumped in the range of 6-10% over the last 24 hours.

Speaking at “The B Word" conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management and Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc, reported Bloomberg.

“I would like to see Bitcoin succeed," Musk said. “If the price of Bitcoin goes down, I lose money. I might pump but don’t dump." Musk said that Tesla would most likely resume accepting Bitcoin for purchases once mining becomes less environmentally taxing.

“It looks like Bitcoin is shifting more toward renewables," Musk said. “I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50%."

Since mid-May, Bitcoin and other cryptos have tumbled, wiping some $1.3 trillion off their market value. Bitcoin has faced a range of obstacles, including stepped up regulatory scrutiny in China, Europe and the U.S. and concerns about the energy needed by the computers underpinning it. Bitcoin’s advance this year has shrunk to about 8% following a slide from an April record of almost $65,000.

(With inputs from agencies)

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Published: 22 Jul 2021, 07:38 AM IST
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