Elon Musk says he’s a supporter of bitcoin and thinks it will get ‘broad acceptance’ in finance

Elon Musk, founder of SpaceX and chief govt officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020.

Liesa Johannssen-Koppitz | Bloomberg | Getty Photos

Elon Musk came out as a believer in bitcoin on Friday — and now he’s doubling down.

The billionaire Tesla boss closing week added the hashtag #bitcoin to his Twitter bio, in a switch that helped to quickly push up the price of the cryptocurrency by as mighty as 20%.

In a discussion on the appreciated Clubhouse audio app gradual Sunday, Musk confirmed he modified into a supporter of bitcoin.

“I’ve acquired to behold what I tell here on tale of those types of things can truly switch the market,” Musk stated. “Many friends of mine beget tried to convince me to rep occupied with bitcoin for a truly long time.”

Musk stated he as soon as ate a slice of “bitcoin cake” given to him by a buddy in 2013, and that he “clearly … have to beget no longer less than sold some bitcoin eight years within the past — focus on being gradual to the party.”

“I perform at this level deem bitcoin is a factual ingredient, and I am a supporter of bitcoin,” Musk stated.

“I deem bitcoin is de facto on the verge of getting huge acceptance by outdated finance other folks.”

Musk added that he doesn’t beget “stable thought” on other virtual currencies. He has tweeted referring to the meme-basically based mostly mostly cryptocurrency dogecoin within the previous and in 2019 indicated that it modified into his “fav cryptocurrency.”

Closing week, dogecoin skyrocketed as mighty as 800% within the dwelling of 24 hours after a tweet from Musk modified into taken by Reddit users to intend he modified into throwing his abet within the abet of the token.

“Once in a whereas I compose jokes about dogecoin but they are truly appropriate sort meant to be jokes,” Musk stated Sunday. “Dogecoin modified into made as a joke to compose fun of cryptocurrencies.”

“Nonetheless destiny loves irony,” he added jokingly. “Basically the most sharp culmination and the most ironic culmination would be that dogecoin becomes the currency of Earth within the future.”

Cryptocurrency markets were mostly unmoved by Musk’s comments, with bitcoin and dogecoin in actuality falling a bit rapidly after he spoke. Dogecoin modified into level-headed up 40% within the closing 24 hours, after a big crawl over the weekend.

Bitcoin greater than quadrupled in tag over the course of closing year. It then hit a brand new all-time high of virtually $42,000 at the start of 2021. Bullish traders tell the digital coin has gotten a expend from increased institutional curiosity and the thought that it is miles a stable-haven asset identical to gold.

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