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Elon Musk Praises Bitcoin, Lauds Chances of Mass Adoption

Elon Musk’s transition into a Bitcoin bull is almost complete, with the tech billionaire praising the leading cryptocurrency every chance he gets. In his latest sign of approval, Musk expressed significantly positive sentiments about Bitcoin, sharing hope for even wider adoption in the future.

Musk shared his recent thoughts on Bitcoin in a meeting on Clubhouse – the fast-rising, invite-only social media app. Per a Forbes report, the billionaire had called a meeting and shared invites to a session where he discussed several things, including the entire GameStop saga and the crypto industry.

Now the world’s richest man, Musk explained that he had indeed been late to the Bitcoin movement. He added that while he didn’t have a strong opinion about other cryptocurrencies, he believed significantly in Bitcoin, and thought the asset would have a higher chance of getting mass adoption soon.

Musk’s transition came full circle last week, when he updated his Twitter bio to include “#Bitcoin,” joining the ranks of Twitter founder Jack Dorsey and Reddit co-founder Alexis Ohanian Sr.

The event didn’t go unnoticed, with many seeing it as the final approval of the asset from the world’s richest man. Bitcoin’s price eventually shot up by 14 percent in half an hour. His recent comments didn’t give the same reaction, but industry players will feel a slight tinge of relief that the world’s richest man is a crypto believer.

For now, however, Musk appears to only be a fan of the asset. Many have tried to get him to make considerable investments, with billionaire investor Tim Draper asking if he could purchase Tesla’s upcoming Cybertruck with the leading cryptocurrency.

Draper was one of the first investors in Tesla. Following Musk’s Twitter bio update, he shared a proposition with the billionaire, saying:

“Hi Elon Musk, I would like to buy a Tesla cybertruck. Although I personally would rather keep my own #bitcoin, you can accept #bitcoin through our Draper VC company OpenNode.”

Michael Saylor, another Bitcoin enthusiast, has advised that Musk convert Tesla’s shares and balance sheet to Bitcoin. Saylor, whose company, MicroStrategy, has purchased well over $1 billion in Bitcoin over the past year, has been doing a lot of Bitcoin evangelism and trying to convince as many people as he can find to toe the same line.

Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline from one rocket scientist to another.

In a Twitter exchange from last month, Saylor told Musk that it is possible to buy up billions in Bitcoin without spooking the market, even offering to share his playbook with the billionaire. It is unclear whether Musk plans to make a huge investment in the asset, but time will tell.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,112 0.72 % 3.07 % 19.99 %
Ethereum2,194.0 0.74 % 5.57 % 20.22 %
Tether1.010 0.06 % 0.50 % 0.62 %
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