Tesla and SpaceX chief executive officer Elon Musk set the prices of cryptocurrencies like Bitcoin, Ether, and Dogecoin soaring as he revealed he has not been selling his crypto holdings despite the volatility.

"If the price of Bitcoin goes down, I lose money. I might pump, but I don't dump... Outside of Tesla and SpaceX stock, it's my largest holding," Musk said on July 21 at “The B Word", a Bitcoin event.

He added that he does not believe in getting the price high and selling and that he would like to see Bitcoin succeed. Musk also revealed that he owns "far more" Bitcoin than Dogecoin or Ether.

Musk said that Tesla may resume accepting Bitcoin as payment after its mining becomes less taxing environmentally. "Most likely the answer is that Tesla would resume accepting Bitcoin... I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin," he said.

Hours after Musk’s statements, the prices of Bitcoin, Ether, and Dogecoin shot up, according to CoinDesk, a cryptocurrency exchange platform.

The value of Bitcoin shot up by 7 percent to $32,200, Ether surged to $1,980.8, and Dogecoin gained over 9 percent to $0.18. Besides, the prices of other cryptocurrencies like XRP, Cardano, Uniswap also increased in the range of 6-10 percent.

Meanwhile, Twitter and Square founder Jack Dorsey, who was also present at the conclave, pointed out that Bitcoin creates many different business models. "We can't just see this (cryptocurrency) as an asset that we own, an investment vehicle is something that has the potential to change everything and make the lives of everyone kind of better in some small, maybe marginal way," he said.

(Edited by : Kanishka Sarkar)