As per Elon Musk, the CEO of Tesla, Bitcoin [BTC] is on the verge of seeing broader acceptance, added within a Clubhouse conversation on 1st Feb.
In line with the conversation with Andressen Horowitz as well as other prominent investors, Musk was asked about his views on the leading cryptocurrency Bitcoin [BTC].
Earlier on 29th Jan., Musk put the word “Bitcoin” in his Twitter bio, causing the worth of BTC to rally by over 14% within a half-hour period of time.
After the occurrence, Bitcoin investors and enthusiasts were highly anticipating positive comments about cryptocurrencies, generally, from Musk.
When asked about Bitcoin, Musk added consistent with industry executives who were now ready to hear the chat:
“I do think Bitcoin might be a good thing. I’m a supporter of Bitcoin. I feel Bitcoin is on the verge of getting broad acceptance by conventional finance.”
Industry executives were generally positive about Musk’s discuss Bitcoin. James Today, a partner at Greymatter Capital added:
“One of the foremost forward-thinking inventors of our age missed bitcoin. On Clubhouse just, @elonmusk tells of a lover who gave him a cake within the shape of a bitcoin back in 2013. Despite being ‘late to the party’ Elon considers Bitcoin is on the verge of acceptance in finance.”
Dan Tapiero, a partner at 10T Holdings, shared a similar sentiment. He added that the richest man within the world being a Bitcoin supporter “feels good.” Tapiero added:
“Somehow it feels good that @elonmusk, a #Bitcoin supporter near my age is one of the richest men within the world. Was getting uninterested in Gates/Buffett/Bezos…older guys in old tech or no tech and not bitcoiners. With an iconoclast and a visionary as an example maybe there’s hope for Gen Z.”
As reported earlier, prominent Bitcoin investors like billionaire Tim Draper are asking Musk and his businesses like Tesla to simply accept BTC directly, which might give Bitcoin a huge boost in terms of global awareness.
The price of Bitcoin pulled back by over 3% immediately after Musk added his valuable comments related to the dominant cryptocurrency.
There are two reasons why the worth of Bitcoin might drop after Elon talked about Bitcoin. Primarily, some may have anticipated Musk to disclose his Bitcoin holdings.
Secondary, the market might react with a sell-the-news response, as the minor pullback occurred mere minutes after Musk’s comments were publicized.
As reported earlier by EtherDesk, the worth of Bitcoin has been showing weakness since the “Elon pump” to $38k recently on Friday. Traders are now closely watching technical resistance at $34.5k and $35k that has got to be broken to avoid more downside within the short term period of time.