Wednesday, May 5, 2021

Elon Musk Says Bitcoin (BTC) Is On the Verge of Broad Acceptance

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.

Musk, who revealed last month that he’s open to being paid in Bitcoin (BTC), made the statement during an interview on the Clubhouse app.

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.”

Read Also: Dogecoin (DOGE) Tweet Volume Rises by Over 1800%, Becomes First Altcoin to Surpass Bitcoin (BTC)

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.

Read Also: Twenty-Third Largest Bitcoin Whale Moved $1,037,873,690 in BTC for Just $5.06

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.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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