Elon Musk says Bitcoin is on verge of “broad acceptance” by finance world

Elon Musk says Bitcoin is on verge of “broad acceptance” by finance world
Hannibal Hanschke/Pool Photo via AP, File
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The world’s richest man, Elon Musk, has become one of the most vocal proponents of Bitcoin, the decentralized cryptocurrency that has taken the economy by storm. 

On Friday, the Tesla and SpaceX CEO added hashtag #Bitcoin to his Twitter bio, which drove up the price of Bitcoin by as much as 20 per cent, Rebel News reported. On Sunday night, Musk reiterated his support for Bitcoin, and confirmed his belief that the currency has a great future ahead of it.

“I’ve got to watch what I say here because some of these things can really move the market,” Musk said on a livestream on the exclusive Clubhouse app. “Many friends of mine have tried to convince me to get involved in Bitcoin for a long time.”

Musk admitted that he was not an early investor in Bitcoin and wished he had bought some of the cryptocurrency eight years ago, relaying an anecdote in which he ate a slice of “Bitcoin cake” given to him by a friend in 2013. 

“I do at this point think Bitcoin is a good thing, and I am a supporter of Bitcoin,” Musk said. “I think Bitcoin is really on the verge of getting broad acceptance by conventional finance people.”

Musk, who admitted that he does not have a strong opinion on other cryptocurrencies, mentioned that he occasionally makes jokes about Dogecoin, which has seen a surge in value over the past week in relation to the WallStreetsBets efforts to squeeze hedge fund managers on Wall Street. Musk said that while Dogecoin was “made as a joke,” it would be entertaining and ironic if Doge became the “currency of earth in the future.”

“Fate loves irony.” Musk said. 

The price of Dogecoin currently hovers at around $0.04 CAD, but its value surged from fractions of cents after a mention by Musk last week.

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