Bitcoin on the Verge of Mass Adoption, Says Elon Musk

Elon Musk, the richest person on the planet said that Bitcoin is currently on the verge of a broad acceptance by the conventional finance people. The world’s largest cryptocurrency is now trading above $34,000.

During a conversation on an invitation-only audio-chat social networking app Clubhouse, Musk said that he is a little late to the Bitcoin party, but he fully supports the cryptocurrency. The Tesla founder added that he occasionally makes jokes about Dogecoin but the concept behind Bitcoin is innovative and attractive.

“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 said.

The recent comments from the CEO of SpaceX came after he updated his Twitter profile with the addition of the Bitcoin tag. The world’s largest cryptocurrency jumped from $32,000 to $38,000 within few hours after Musk’s update. Bitcoin added nearly $100 billion in its market cap during the rally.

Bitcoin Price Action

Bitcoin and other cryptocurrency assets have a history of showing strong reactions to the comments from Elon Musk. In December 2020, Musk said: “One word: Doge” to tease the crypto community. The cryptocurrency jumped more than 25% following his tweet. The difference between his previous tweets and the recent announcement is that this time he expressed his full support for Bitcoin and termed it as a good thing. BTC price experienced a volatile start of 2021, the cryptocurrency registered an all-time high of $41,500 earlier this month but dipped below $30,000 on 27 January. The price of the world’s largest crypto asset is currently consolidating above $34,000.

2021 has seen a significant increase in demand from retail investors. Musk added that Bitcoin adoption will increase in the coming months due to acceptance by the conventional people involved in the financial markets.

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