Billionaire businessman Elon Musk said Wednesday that he owns the cryptocurrency Ethereum. Musk made the comments at "The B-Word" conference, an online event hosted by the Crypto Council that aims to encourage companies and institutional investors to adopt bitcoin.

After Musk's comments, the price of Ethereum jumped 12%. As of 6:27 p.m. ET, Ethereum was trading at $1,970.50.

During the conference, the Tesla and SpaceX CEO spoke of his overall backing for cryptocurrency. His support for mining came with his understanding of the concern for potential environmental risks. He explained how it is important to watch out for what kind of energy certain cryptocurrencies use.

“One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment,” he said at the conference.

In a June tweet, Musk said Tesla would resume bitcoin transactions once it confirms there is "confirmation of reasonable (~50%) clean energy usage by miners with positive future trend."

The B Word’s website explained the event as “The B Word is a Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin and explain how institutions can embrace Bitcoin and how we all can support the network.”

Musk also confirmed that he only owns some bitcoin and Dogecoin, and that Tesla and SpaceX both hold bitcoin independently.