Elon Musk, the CEO of Tesla, has said he thinks that the first and largest cryptocurrency, Bitcoin (BTC), is on the verge of breaking into traditional finance.
Speaking to a packed Clubhouse chat room, Elon Musk said, “I do at this point think bitcoin is a good thing. I am a supporter of bitcoin. I am late to the party but a supporter. Bitcoin is on the verge of getting broad acceptance by traditional finance people.”
Since last year October, the price of Bitcoin (BTC) has surged around 200%, soaring to over $40,000 before falling back slightly.
The notable rally has been majorly attributed to the inflow of institutional investors and payment giants such as PayPal adding their support.
Elon Musk, who changed his Twitter bio to Bitcoin and posted: “In retrospect, it was inevitable,” sending the price of the flagship cryptocurrency to around $38,000 from $33,000 area in the process, said:
“I have to be careful what I say, it can affect the market. The most entertaining outcome… would be that dogecoin becomes the currency of earth in the future. The most entertaining outcome… would be that dogecoin becomes the currency of earth in the future.
“Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony.”
The price of Bitcoin has fallen back since Musk’s tweet and action, giving up almost all its short-lived gains.
However, Elon Musk’s latest Clubhouse comments are so far having no impact on the market, unlike his past comments. Before the interview, there was a high expectation that he might have a Tesla-related Bitcoin (BTC) announcement that would positively impact the price of the digital currency.