Elon Musk Endorses Bitcoin, Makes Bold Prediction on Its Future

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by staff writer · 3 min read
Elon Musk Endorses Bitcoin, Makes Bold Prediction on Its Future
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Speaking about Bitcoin, Elon Musk stated that the asset “is really on the verge of getting broad acceptance by sort of the conventional finance people.”

On a Sunday Clubhouse chat, the world’s richest man Elon Musk talked about everything from the exploration of Mars, Gamestop shorting, monkey brain implants to Bitcoin, and his mentions of Dogecoin. On Dogecoin, the billionaire admitted he was always joking, but on Bitcoin, he believes this is a good thing.

Just days after Tesla CEO Elon Musk added Bitcoin to his Twitter bio, the billionaire has come out to make a big prediction on the future of the digital asset. As Wall Street begins to dip its toe in the industry, Elon has forecast that the digital asset is on the verge of being accepted in the traditional financial world.

Elon Musk has in the past flirted with the idea of cryptocurrencies. In fact, jokingly, he has stated that his favorite coin is Dogecoin. He has also shared the opinion that fiat is outdated and could likely be replaced by Bitcoin.

On Friday when Elon replaced his Twitter bio with “Bitcoin,” he added in a tweet, “In retrospect, it was inevitable.” With the richest man on earth backing Bitcoin, this was enough to push Bitcoin up by 15% to top $33k. The Twitter activity however might have just been the beginning with his comments that during the Clubhouse chat on Sunday really igniting the fire.

Musk on BTC: Is It Really Late to Buy Bitcoin?

Speaking about Bitcoin, the entrepreneur has stated that the asset “is really on the verge of getting broad acceptance by sort of the conventional finance people.” This comment comes as the industry sees increased interest from mainstream firms like Grayscale which has been leading the pack. The firm has in recent months stockpiling Bitcoin in anticipation of the asset acting as a safe haven and/or becoming the new world reserve.

When asked about other cryptocurrencies, the CEO said he did not have a strong opinion on any other cryptocurrency but explained his relationship with Dogecoin:

“They are really meant to be jokes, but you know dogecoin was made as a joke to make fun of cryptocurrencies obviously.”

Musk further admitted that he is late to buy Bitcoin and regretted not buying it the first time it was recommended by a friend in 2013. While this is always the ‘excuse’ given by most, prominent analysts continue to state that it will never be too late, with predictions of Bitcoin hitting over $100K in the near future, buying at $30K is a bargain.

Musk’s latest comments have been received positively and have seen Bitcoin rally to climb above $34K. With such influential people talking positively about Bitcoin, it is becoming increasingly clear to doubters and mainstream financial institutions, and even the media that Bitcoin is not a bubble or a scam. It is a good thing and is here to stay.

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