A few days after adding the Bitcoin hashtag to his Twitter bio and helping push the leading cryptocurrency’s price by 20%. Tesla and SpaceX CEO Elon Musk has confirmed he is a supporter.
“I’ve got to watch what I say here because some of these things can really move the market,” Musk said during a discussion on the popular Clubhouse audio chat app.
“Many friends of mine have tried to convince me to get involved in Bitcoin for a long time. Clearly, I should have at least bought some Bitcoin eight years ago — talk about being late to the party.”
“I do at this point think Bitcoin is a good thing, and I am a supporter of Bitcoin. I think Bitcoin is really on the verge of getting broad acceptance by conventional finance people.”
Musk went on to add that he doesn’t have a strong opinion on other cryptocurrencies. That’s despite tweeting about the meme-based cryptocurrency Dogecoin in the past. Indicating it was his “fav cryptocurrency” as recently as 2019.
Elon Musk Tweets About Dogecoin
Last week, Dogecoin surged as much as 800% in the span of 24 hours. After a tweet from Musk was taken out of context by Reddit users. “Occasionally I make jokes about Dogecoin but they are really just meant to be jokes,” Musk said Sunday.
“Dogecoin was made as a joke to make fun of cryptocurrencies.” But fate loves irony. The most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.”
Since Musk’s comments, the price of Bitcoin and Dogecoin have fallen slightly. However, the latter was still up 40% in the last 24 hours after a massive slump over the weekend.
As for Bitcoin, its price has more than quadrupled over the course of the last 12 months. It hit a new all-time high of nearly $42,000 at the beginning of 2021, but has since dropped to the $33,000 level.
Bullish investors say Bitcoin has gotten a boost from increased institutional interest and the perception that it is a safe-haven asset akin to gold.