• The price of Ethereum has risen after Elon Musk revealed that he has invested in the cryptocurrency

  • Following Elon Musk’s announcement that he had purchased Ethereum, the price skyrocketed. Musk stated this when speaking on a panel at The B Word, a bitcoin conference where he was a speaker. As the conference progressed, the price of ethereum surpassed $2,000 for the first time. Following the billionaire’s confirmation of his interests, the stock gained 7% in value.

    Musk has long been a cryptocurrency supporter. Continually demonstrating support for early-stage cryptocurrencies such as bitcoin. One of these outpourings of support came when his business, Tesla, announced that it would begin accepting bitcoin for car payments. Following the statement by the automaker, the price of bitcoin skyrocketed in February.

    Despite the fact that ethereum is not a focus for the company, the billionaire indicated that he is a fan of cryptocurrency. Although he has been quiet about his ethereum investments. The crypto market was shocked to learn of this, as the digital currency enjoyed a surge in support following Musk’s announcement.

    Support For Cryptocurrencies by Elon Musk

    Elon Musk has long been a proponent of cryptocurrency. Although there is no definitive information on when Musk entered the crypto market, he was an early adopter. The billionaire made his first mention of cryptocurrency in 2014. Musk had posted in response to a question about his view on cryptocurrency from a Twitter user.

    Musk’s response tweet suggests that he was probably involved in the crypto field long before the tweet. There have been rumors that Elon Musk is Satoshi Nakamoto, the bitcoin creator. Since then, however, nothing has come of these rumors.

    Musk continues to be a strong supporter of cryptocurrencies, and Ethereum has now been added to his list of favorites.

    Ethereum Recovers Its Value

    The price of ethereum has dropped slightly after the conference. However, the digital asset continues to trade above $1,900, indicating that the price rise is still present. Due to enormous sell-offs and widespread FUD in the crypto sector, Ethereum has been struggling in the market. Musk’s remarks appear to have provided the digital asset the boost it needed to break out from its rut.

    Elon Musk’s public endorsement of the asset arrives at a critical juncture. As the greater crypto market has slowed, ethereum’s impetus has waned. The CEO of SpaceX and Tesla has not stated how much of the digital assets he owns. However, considering the size of the net worth, it is reasonable to assume that it is a sizable sum.

    As of this writing, the price of ethereum has increased by 4.41 percent in the last 24 hours. With a market capitalization of $231 billion, the stock is currently trading at $1983.

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