Elon Musk: “Bitcoin is a good thing” headed for broader acceptance

According to Elon Musk, Bitcoin is on the verge of seeing wider spread adoption.

In a conversation on the exclusive audio social platform, Clubhouse, Musk commented on the cryptocurrency saying that he’s a supporter of Bitcoin according to Coindesk author Dan Held.

“I am late to the party but I am a supporter of #Bitcoin.” – Elon Musk

— Dan Held (@danheld) February 1, 2021

When Musk was asked about Bitcoin in the private Clubhouse conversation, he said that he sees the possibility in the future of broad acceptance of the token. Held’s comment was supported by British broadcaster Stephen Cole:

“I do think Bitcoin is a good thing. I’m a supporter of Bitcoin. I think Bitcoin is on the verge of getting broad acceptance by conventional finance.”
–@elonmusk on Clubhouse #bitcoin

— Stephen Cole (@sthenc) February 1, 2021

Elon Musk and Bitcoin

For a long time, Musk has been vocal about Bitcoin, but never quite committing to an investment in the market. At the end of January, the Tesla CEO put “Bitcoin” in his bio on Twitter – subsequently causing the cryptocurrency to rally by nearly 15% in half an hour. After Musk’s comments about the market, cryptocurrency advocates are anticipating a possible future rally or at least long-term health of the market.

If Musk were to endorse the industry, it’s not unlikely that we’d see a flood of investment and opportunities in the market. With a wealth of tech insight, Musk has a massive influence in the space and positive comments regarding Bitcoin could convince those on the fence to make the move to Bitcoin – or at least to invest in the industry to test it out.

As it stands, however, Musk has admitted owning 0.25 Bitcoin – an amount he received from a friend. He has made no more mention of buying any more cryptocurrency or made any suggestion to invest any more in the market.