Elon Musk has made it clear that he is a Bitcoin (BTC) supporter!
The Tesla CEO's new Bitcoin disclosures are significant.
On February 1, Tesla CEO Elon Musk said that bitcoin (BTC) is on the verge of wider acceptance in his speech to Clubhouse, a voice-call platform that can only be joined at the invitation of another user.
Elon Musk and Bitcoin
Musk's first moves on Bitcoin came on January 29, when the Tesla CEO deleted everything from his Twitter bio and wrote only “Bitcoin.” After this move, Bitcoin had registered a 30 percent increase in just half an hour. After that, people in the cryptocurrency ecosystem began to expect more positive explanations from Musk about Bitcoin.
During a meeting with Andressen Horowitz and other leading investors today, Musk was asked about his thoughts on Bitcoin. “I think Bitcoin is a good thing, " the CEO said. I'm a supporter of bitcoin. I think Bitcoin is on the verge of being widely accepted by traditional finance."he replied with his words.
“It's A Good Thing”
“One of the most forward-thinking inventors of our time has hijacked Bitcoin, " said James Todar, a partner at Greymatter capital. Currently at the clubhouse, Musk talks about his friend who gave him a cake in the form of Bitcoin in 2013. Despite being late to the party, Elon thinks Bitcoin is on the verge of gaining acceptance in finance., ” he said.
Dan Tapiero, a partner at 10T Holdings, expressed similar thoughts and said it was “a good thing” that the world's richest person supported Bitcoin. According to Tapiero, it is quite positive that Musk, who supports Bitcoin and is the same age as himself, is the richest man in the world.
The price of Bitcoin retreated by about 3% immediately after Musk commented on the leading cryptocurrency.
There may be two reasons for this, according to the statements: First, some may have waited for Musk to disclose his Bitcoin assets. Second, the price move may not be relevant in these circumstances, as the small pullback occurred just minutes after Musk's comments were announced.
However, it is worth noting that as the news begins to spread, the upward movement in Bitcoin begins.