Bitcoin zoomed past $32,000 after Elon Musk, Jack Dorsey and Cathie Wood spoke during a panel on the future of Bitcoin.
The largest digital currency rose more than 8% to about $32,270 on Wednesday. Other cryptos advanced too, including Ether and Dogecoin.
Musk, the chief executive of Tesla Inc., reiterated his backing of Bitcoin, saying he owns the token along with Dogecoin and Ethereum.
He also said Space Exploration Technologies Corp. also owns Bitcoin, like Musk’s electric-car company.
“I might pump, but I don’t dump,” Musk said.
“Outside of Tesla and SpaceX stock, it’s my largest holding,” he added.
The token bounced back after sliding below $30,000 earlier in the week, its first foray there since June.
“The fear in the market was that if Bitcoin breaks below the $30,000 mark, the price will move lower violently,” said Naeem Aslam, chief market analyst with Ava Trade Ltd.
“In reality, that is not what we have seen. The Bitcoin price has been stable, and we have not seen any panic selling.”
Bitcoin and other cryptocurrencies have tumbled since mid-May, wiping some $1.3 trillion off their market value. Bitcoin has faced a range of obstacles, including stepped up regulatory scrutiny in China, Europe and the United States and concerns about the energy needed by the computers underpinning it. Investors have also generally become more cautious about speculative assets.
Bitcoin’s advance this year has shrunk to about 8% following a slide from an April record of almost $65,000.