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Elon Musk: Bitcoin is close to wide acceptance

2021-02-02T02:13:40.736Z


Elon Musk, CEO of Tesla, declared his support for bitcoin, causing the price of the cryptocurrency to surge. What did he say?


Elon Musk expressed his support for bitcoin and its value increased 0:48

(CNN Business) ––

Elon Musk, CEO of Tesla, declared his support for bitcoin, causing the price of the cryptocurrency to rise.

During an interview this Sunday on the Clubhouse audio social app, Musk said he should have bought the digital currency eight years ago.

Audio was no longer available on Monday.

However, many listeners posted the interview on other platforms, including YouTube.

“Right now I think bitcoin is a good thing.

I'm late for the party, but I'm a bitcoin fan, ”Elon Musk said.

  • The bitcoin bubble could burst, warns Anthony Scaramucci, but still bets on the cryptocurrency

The price of a single bitcoin soared from just over $ 1,000 to roughly $ 34,500 this Monday before falling again.

The cryptocurrency has risen more than 260% in the last 12 months.

Additionally, several high-profile money managers, including Paul Tudor Jones and Stanley Druckenmiller, embraced bitcoin.

Investors also have a growing number of ways to gain exposure to bitcoin in traditional capital markets.

For example, with publicly traded companies and publicly traded funds.

It is not the first that Musk has tweeted about his support for a certain asset and it takes its value higher.

In recent weeks, he posted on Twitter that he liked Etsy, prompting a 10% rally in shares.

It has also supported the cryptocurrency dogecoin and generated a 20% increase.

It also added to the enthusiasm for GameStop.

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Why is the price of bitcoin rising?

2:28

"I think [bitcoin] is about to gain wide acceptance from mainstream finance folks," Musk told Clubhouse's Good Time, a show focused on technology and culture.

Previously, he expressed his skepticism about bitcoin and other cryptocurrencies.

Which is why Elon Musk caused a stir on Friday when he changed his Twitter bio to #bitcoin.

The Tesla leader also said that he did not have strong opinions on other cryptocurrencies.

In that sense, he pointed out that his comments about dogecoin were "jokes."

The virtual currency, which originally started as an internet parody based on a viral dog meme, surged last week, thanks to excited Reddit users, before falling over the weekend.

"The most ironic outcome would be for dogecoin to become Earth's currency in the future," Musk noted.

CNN's Paul R. La Monica and Michelle Toh contributed reporting.

BitcoinCryptocurrencyElon Musk

Source: cnnespanol

All news articles on 2021-02-02

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