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Bitcoin rises as Elon Musk says, ‘I might pump, but I don’t dump’

Crypto traders could have taken consolation in assurances by billionaire Elon Musk who stated Wednesday his giant private holdings of bitcoin meant he had no incentive to encourage a fall in costs and so they cheered his revelation that he personally owns rival digital asset ethereum.

“If the value of bitcoin goes down, I lose cash. I’d pump however I don’t dump,” he quipped, in a digital panel dialogue, saying that exterior of Tesla Inc.
and SpaceX, bitcoin is his largest holding. The Tesla chief govt additionally stated the electrical automotive maker was more likely to resume accepting bitcoin for cost sooner or later as efforts to faucet extra renewable power sources to just about mine the asset bear fruit.

Along with his typically touted holdings of bitcoin and dogecoin, Musk stated he additionally owns ethereum, whereas noting that Tesla and SpaceX personal bitcoin solely.

which had dipped under the $30,000 stage on Tuesday to commerce at a one-month low, was up 6.4% at $31,696.39 on Wednesday after Musk spoke, whereas ethereum
rose 8.8% to $1,941.61, after briefly leaping above the $2,000 threshold.

Source: Market Watch

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