Bitcoin, Dogecoin, Ether prices surge after Elon Musk's conference on Cryptocurrency

Bitcoin prices soared above $32,000 in the cryptocurrency market after trading below the crucial $30,000 mark in the previous two sessions, owing to billionaire Elon Musk's announcement that his space exploration business, SpaceX, also owns the digital token and has no plans to sell it. Other cryptocurrencies, such as Ethereum and Dogecoin, have risen in value too as a result of Musk's announcement that he personally owns the above three digital tokens, besides Tesla and SpaceX both being the sole owners of Bitcoin.

Bitcoin prices increase

According to CoinDesk, Bitcoin has risen over 7% to $32,200, while Ether, the coin tied to the Ethereum network, has risen to $1,980.8, according to reports. Dogecoin, on the other hand, increased by nearly 9% to $0.18. Other digital coins such as XRP, Cardano, and Uniswap have all increased by 6-10% in the last 24 hours, said reports.

Musk discussed the future of Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management, and Jack Dorsey,Chief Executive Officer of Twitter Inc. and Square Inc, at the Crypto Council for Innovation's "The B Word" conference, according to reports.

'I'd like to see Bitcoin succeed': Elon Musk

"I'd like to see Bitcoin succeed,” Musk stated during the conference. "I lose money if the price of Bitcoin falls. I may pump, but I never dump." Tesla would most likely resume taking Bitcoin for purchases after mining becomes less ecologically damaging, according to Musk. "It appears that Bitcoin is moving toward renewables," noted Musk. “I'd like to double-check that the amount of renewable energy usage is at or above 50 percent," he added.

Bitcoin and other cryptocurrencies have plummeted since mid-May, wiping $1.3 trillion off their market worth. Bitcoin has encountered a number of challenges, including increased governmental attention in China, Europe, and the United States, as well as concerns about the amount of energy required by the computers that power it. Following a drop from an April high of about $65,000, Bitcoin's gain this year has decreased to approximately 8%.

Musk was criticised in the past for his muddled comments about Bitcoin. Musk, whose company had invested $1.5 billion (roughly Rs. 11,150 crores) in Bitcoin earlier this year, announced in May that Tesla would stop accepting Bitcoin payments after environmentalists and climate activists slammed him for promoting a digital coin that was grossly energy-intensive. Tesla had invested $1.5 billion (roughly Rs. 11,150 crores) in Bitcoin earlier this year, and when environmentalists and climate activists slammed it for promoting a digital coin that was damaging to the environment, it reduced its investment in the token.

Picture Credit: @ElonMusk/Twitter/Unsplash