A rise in the price of ethereum was seen on Wednesday afternoon when the Tesla & SpaceX CEO Elon Musk announced that he owns the cryptocurrency at the B-Word conference, an event hosted by Crypto Council for innovation. Ethereum touched its high by 12% which increased post Musk’s statement. Musk has extended his support towards cryptocurrency despite the potential environmental harm caused by it, saying, bitcoin mining is driven by renewable energy sources. Musk has confirmed that both Tesla & SpaceX own bitcoin. The purpose of the B-word conference was to promote the acceptance & use of cryptocurrency globally. The panel constituted members including Musk, Jack Dorsey, CEO of payment’s company Square & Twitter, Ark Invest founder & CEO Cathie Wood & Square Crypto lead Steve Lee.