Ethereum Price Shoots Up After Elon Musk Reveals He Bought Into The Asset

Ethereum price saw significant upward movement after Elon Musk said that he had bought into the asset. Musk revealed this at The B Word, a bitcoin conference on which he was a panelist. As the conference carried on, the price of ethereum had surged past $2,000. Recording a 7% gain in price after the billionaire confirmed his holdings.

Musk has always been a backer of cryptocurrencies. Continually showing support for pioneer coins like bitcoin. One of these shows of support was when his company Tesla announced it would begin accepting bitcoin payments for cars. The announcement by the automotive company saw the price of bitcoin shooting up in February.

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Despite ethereum not being a focus for the company, the billionaire confirmed he was a supporter of the asset. Although he has been less vocal about his investments in ethereum. This came as news to the crypto market as the digital asset saw rising support following the disclosure by Musk.

Elon Musk’s Support For Cryptocurrencies

Elon Musk has always been an advocate for cryptocurrencies. The CEO had gotten into the market early on, although there is no definite information on when Musk had gotten into cryptos. The first mention of crypto by the billionaire had been back in 2014. Musk had tweeted in response to a Twitter user asking about his stance on cryptocurrencies.

@X4NWO Well, now that Satoshi Nakamoto has been discovered, I guess it is case closed … 🙂

— Elon Musk (@elonmusk) March 14, 2014

ETH price continues to trade above $1,900 | Source: ETHUSD on TradingView.com

The reply tweet from Musk hints that the CEO had probably been in the crypto space long before the tweet. There were speculations that Elon Musk was Satoshi Nakamoto, the creator of bitcoin. But nothing has come of these rumors since then.

Musk continues to be a strong advocate for cryptocurrencies, and now Ethereum joins the list of cryptos that he has advocated for.

Ethereum Price Recovery

Following the conference, the price of ethereum has seen a small downturn. But there are remnants of the price surge as the digital asset continues to trade above $1,900. Ethereum had been struggling in the market due to massive sell-offs and FUDs permeating the crypto market. Musk’s comments seem to have given the digital asset the boost it needed to get out of the rut it had been caught in.

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Elon Musk’s public support for the asset comes at a crucial time. As ethereum has seen dwindling momentum alongside the larger crypto market. The SpaceX and Tesla CEO did not disclose how much of the digital asset he currently owns. But given the magnitude of the net worth, it is no stretch to think that it is a significant volume.

The price of ethereum is up 4.41% in the last 24 hours as at the time of this writing. Currently trading at $1983, with a market cap of $231 billion.

Featured image from 123RF, chart from TradingView.com