Elon Musk finally becomes a Bitcoin supporter

The CEO of Tesla, Elon Musk, finally expresses positive sentiments about Bitcoin after observing it for years. And while remaining gently skeptical about it, he claims that the cryptocurrency is on the verge of wider adoption.

Until now, the biggest indication that this would happen came last Friday when he changed his Twitter bio to read “#Bitcoin”—eventually pumping its price by $8,000. But last night on Clubhouse, he gave his surest statement yet:

“I am late to the party, but I am a supporter of Bitcoin. The cryptocurrency is on the verge of getting broad acceptance by traditional finance people.”

Bitcoin and Elon Musk

Some of his first thoughts about Bitcoin came during an interview in January 2020, where he said that crypto is an ideal replacement for cash but does not see it being the primary database in the future.

Meanwhile, Elon Musk seems to be wary about his words, seeing that a word to his Twitter bio sent Bitcoin skyrocketing. He also realized how influential he is in the crypto industry, stating that his words can affect the market.

Although he does not have a strong opinion on other cryptocurrencies, Musk occasionally jokes about popular meme-friendly cryptocurrency, Dogecoin. He also asserts that it would be the most “entertaining and ironic outcome” if DOGE becomes the “currency of earth in the future.”

In all, Elon Musk’s opinions serve as one of the most influential endorsements for Bitcoin, a financial asset ridiculed by many traditional financial experts. He did not say much about his plans to dump his companies’ cash reserves for Bitcoin. Reactions are already springing up on Twitter, as social media influencers went ballistic after Musk confirmed his stance on Bitcoin.

At the time of writing, BTC is trading at $34,000. Green Bridge Associates’, Marc Principato, also sees a rally ahead in the Bitcoin market.