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Elon Musk: I think Bitcoin is on the verge of getting broad acceptance



Elon Musk: I think Bitcoin is on the verge of getting broad acceptance

Elon Musk, the billionaire and the CEO of Tesla said on Monday that Bitcoin is on the verge of getting broad acceptance. He thinks the cryptocurrency Bitcoin is on the verge of breaking into traditional finance.

Musk who also revealed last month that he is open to being paid in bitcoin, made the comment during his interview on the app Clubhouse.

This comment came after Tesla Inc CEO’s use of bitcoin hashtag in his Twitter profile page bio. After the use of this hashtag, there was a surge of 14 per cent in the cryptocurrency on Monday.

Before that bitcoin was trading around $30,000 but suddenly after the change in Twitter bio the BTC price surges more than 20%. He also posted, “In retrospect, it was inevitable.”

He also told that “I do at this point think bitcoin is a good thing,” however he doesn’t “have a strong opinion on other cryptocurrencies.”

“I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people.”

At press time Bitcoin (BTC) is trading at $34,268 USD with a market cap of $639,532,047,879 and the 24h trading volume is $62,305,669,626. The 24h low and high for bitcoin is $32,270 USD and $34,638 USD respectively.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.