Elon Musk Supports Bitcoin, Says It’s A “Good Thing”

Elon Musk supports Bitcoin as of late, expressing his positive statements about the cryptocurrency saying that it is a “good thing” and on the verge of wider adoption so let’s read more about it today’s Bitcoin news.

Tesla’s CEO Elon Musk supports Bitcoin after years of observing it and making comments about it due to his skepticism towards the cryptocurrency. The biggest indication that this could have happened was last Friday when he changed his Twitter bio to “Bitcoin” pumping the price to $8000 but he gave his most clear statement yet:

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

What about other cryptocurrencies? He added that he doesn’t have a strong opinion of them. Musk had to be careful as he added one word and Bitcoin went skyrocketing so he realized that it has a huge effect on the market but it was no surprise when he said: “I have to be careful what I say, it can affect the market.”

On Clubhouse tonight at 10pm LA time

— Elon Musk (@elonmusk) January 31, 2021

Musk’s road to BTC has been a long one as some of his first thoughts about the number one cryptocurrency came in an interview back in 2020 when he said that BTC has limited use but that it will not become the main cryptocurrency of the future:

 “Where I see crypto as is effectively a replacement for cash. But not as a replacement for a primary—I do not see crypto being the primary database.”

Earlier this month, however, he acknowledged that BTC will have a much bigger purpose. Once he engaged in a tweet with Parallax Digital CEO Robert Breedlove, Musk argued:

“We should look at currencies from an information theory standpoint. Whichever has least error & latency will win.”

This put BTC at a disadvantage as it can only process 7 transactions per second which is below the rates that will be needed to process transactions worldwide. However, someone pointed out that BTC can work in addition to fiat currencies and provide a hedge against inflation. Musk replied that this is a good point. It was only two weeks later when he changed his Twitter bio to “bitcoin” and made comments that he is now a BTC supporter. The only question remains whether he still owns a 0.25 BTC chunk or he started making bigger purchases as Michael Saylor did.