The richest person on Earth and Tesla chief Elon Musk said that Bitcoin is on the verge of mass adoption. He also said that he completely supports the largest cryptocurrency in the world.
Standing behind Bitcoin
As Bitcoin is trading above $34,000 after touching all-time highs of $41,500, Elon Musk claims that the cryptocurrency is on the verge of mass acceptance by people in conventional finance. Musk said that he is late to the Bitcoin party. However, he supports the cryptocurrency fully. He said that he occasionally joked about another cryptocurrency Dogecoin but acknowledged that the concept behind Bitcoin is attractive and innovative.
“Bitcoin is a good thing, I occasionally make jokes about Dogecoin but that’s because Dogecoin was made to make fun of crypto assets. The most ironic outcome would be that Dogecoin becomes the currency of earth in the future.”
Musk recently added the Bitcoin hashtag in his Twitter bio. Soon after this update, the price of Bitcoin went from $32,000 to $34,000, which added over $100 billion to the coin’s market capitalization.
Bitcoin’s history with Elon Musk
Bitcoin and other digital currencies have always reacted to comments from Musk. In December 2020, he tweeted “One Word: Doge” because of which the Dogecoin cryptocurrency jumped 25%. However, he is not teasing some interest in cryptocurrency. Instead, he is openly talking about his interest in Bitcoin and says that it is a good thing.
The price of BTC remained volatile in the first month of 2021. It swung between $41,500 and $30,000. The previous Bitcoin rally was fueled by some massive investments from institutions. However, retail investors are making a comeback. Musk said that the adoption of Bitcoin will increase further and in the upcoming months, more people involved in the traditional financial markets will warm up to the cryptocurrency.