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Elon Musk: Bitcoin is on the “verge of getting broad acceptance”

  • Elon Musk says that he is a supporter of bitcoin.
  • He was introduced to bitcoin in 2013 but did not buy it.
  • He doesn’t have a strong opinion on altcoins.

Tesla CEO and the world’s richest man Elon Musk has publicly revealed that he is a bitcoin supporter.

The billionaire revealed that he missed the boat to buy bitcoin when the cryptocurrency was introduced to him in 2013.

Broad acceptance

Musk gave his support to bitcoin when he called the digital asset a good thing that will go mainstream. 

Musk revealed this when he was speaking to Andressen Horowitz, Marc Andressen, Sriram Krishnan,  Gary Tan, Steven Sinofsky, and Aarthi Ramamurthy on the new invitation-only audio social networking app Clubhouse. 

During the chat session, the billionaire said:

“I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people.”

Musk recently changed his Twitter bio to “bitcoin,” much like what Twitter CEO and crypto advocate Jack Dorsey had done.

Within a few minutes, bitcoin’s price surged more than 13% and a number of leading tech figures changed their Twitter bios to bitcoin.

Musk is an influential figure and his statements on cryptocurrencies usually influence market movements.

I came late to the party

The bitcoin movement started in 2008 but not everyone got in early, or at least early enough, and Musk is one of them.

He revealed that some of his friends tried to convince him to buy the digital asset in the past but he is “late to the party.”

He goes on to say that he could have bought the digital asset in 2013 when he was introduced to digital assets by one of his friends.

In an exchange with famous author JK Rowling, Musk revealed in May 2020 that he owned 0.25 BTC.

Opinion on altcoins

Despite speaking so highly of bitcoin, Musk revealed that he doesn’t “have a strong opinion on other cryptocurrencies.”

Musk also took the time to talk about Dogecoin, a coin that he said might be his favorite cryptocurrency. His statements on Dogecoin have previously pumped the token.

He said he sometimes makes jokes about DOGE, a cryptocurrency that started as a joke and gained attention.

“They are really just meant to be jokes, but you know Dogecoin was made as a joke to make fun of cryptocurrencies obviously, but fate loves irony and often as a friend of mine says that the most ironic outcome or I’d say the most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of earth in the future,” he said.

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