Elon Musk says he’s a proponent of Bitcoin and believes it’s going to discover “vast acceptance” within the monetary sector
Elon Musk, founder of SpaceX and managing director of Tesla Inc., is coming to the Axel Springer awards ceremony in Berlin on December 1st, 2020.
Liesa Johannssen-Koppitz | Bloomberg | Getty Images
Elon Musk doubles his flirtation with Bitcoin.
Earlier on Friday, the billionaire Tesla boss added the hashtag #bitcoin to his Twitter bio, which helped to temporarily raise the price of the cryptocurrency by up to 20%.
In a discussion on the popular Clubhouse audio chat app on late Sunday (Pacific time), Musk confirmed that he is a supporter of Bitcoin.
“I have to be careful what I say here because some of these things can really move the market,” said Musk. “Many friends of mine have long tried to convince me to look into Bitcoin.”
Musk said he once ate a piece of “bitcoin cake” given to him by a friend in 2013 and that he “clearly … bought bitcoin at least eight years ago – talk about being late for the party “.
“I think bitcoin is a good thing at this point and I am a bitcoin supporter,” Musk said.
“I think Bitcoin is about to see widespread adoption by conventional finance professionals.”
Musk added that he doesn’t have a “strong opinion” about other virtual currencies. He has tweeted about the meme-based cryptocurrency Dogecoin in the past and stated in 2019 that it was his “favorite cryptocurrency”.
Last week, Dogecoin surged up to 800% in 24 hours after Reddit users recorded a tweet from Musk to mean he tossed his support behind the tokens.
“I occasionally make jokes about Dogecoin, but they’re really only meant to be jokes,” Musk said on Sunday. “Dogecoin was made as a joke to make fun of cryptocurrencies.”
“But fate loves irony,” he added jokingly. “The most entertaining and ironic result would be that Dogecoin will become the currency of the earth in the future.”
The cryptocurrency markets were largely unaffected by Musk’s comments, and Bitcoin and Dogecoin actually fell slightly shortly after his presentation. Dogecoin was still up 40% in the past 24 hours after a massive slump over the weekend.
Bitcoin’s price has more than quadrupled over the past year. It hit a new all-time high of nearly $ 42,000 in early 2021. Bullish investors say the digital coin has received a boost from increased institutional interest and perceptions that it is a gold-like asset.