Elon Musk Reveals Why He Loves Bitcoin

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Bitcoin,Ethereum, and crypto market turns red following Elon Musk Tweet

Billionaire Elon Musk is convinced that Bitcoin (BTC) is on the verge of being more widely accepted by mainstream finance. Speaking to social network, Clubhouse, the CEO of Tesla spoke about Bitcoin and Dogecoin (DOGE)

Elon Musk Praises Bitcoin

Elon Musk revealed to Clubhouse that he believes that Bitcoin (BTC) is on the verge of being widely accepted in traditional finance. It should be noted that Musk recently ignited the crypto space by changing his Twitter bio to #Bitcoin. 

During the conversation on Clubhouse, Musk spoke about the leading cryptocurrency and was bullish on its prospects. “I think Bitcoin is a good thing. I am a supporter of Bitcoin and I think Bitcoin is on the verge of being widely accepted by mainstream finance”.

Musk also revealed that many of his friends had tried to convince him to buy Bitcoin in the past but that he was late to the party. “A lot of my friends have been trying to convince me to get involved in Bitcoin for a long time,” he asserted, adding that he should have bought Bitcoin in 2013.

One of the participants in the discussion took the opportunity to seek Elon Musk’s opinion on Dogecoin (DOGE). Musk has an interesting relationship with DOGE and was named honorary CEO of Dogecoin in 2019.  It is also a well known phenomenon that the price of DOGE makes gains anytime he references the meme coin on Twitter. 

Musk replied that he loves Dogecoin due to the fact that it was created to make fun of cryptocurrencies. It’s really just a joke, but you know Dogecoin was created to make fun of cryptocurrencies obviously. 

The Elon Musk Effect

When Elon Musk changed his Twitter bio to Bitcoin last week, the price of BTC soared from $32k to $37k in just 30 minutes. This represented a change of 16% which shows the effect the tech guru has on the crypto space. 

This time around the market has yet to react to the positive thoughts expressed by Musk towards Bitcoins. However this can be considered to be a good thing as many in the crypto space are concerned about the power bestowed on Elon Musk. it is not a healthy trend for the markets to make huge swings due to a simple tweet. 

Nevertheless, there is an expectation that Elon Musk will reveal his Bitcoin holdings very soon. Until then the Tesla CEO continues to be an enthusiast watching from afar with keen interest.