Elon Musk touts Bitcoin’s impending broad acceptance

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On Monday, Elon Musk, the Tesla CEO, said that Bitcoin is on the verge of gaining wider acceptance and use. The comments by the eccentric CEO came after he used #bitcoin on his Twitter profile page.

That decision alone made the cryptocurrency rise by 14% on Friday.

Musk also commented on the recent Reddit vs. Wall Street fiasco, which saw a surge in popularity and made deadlines. He also said that he is a Bitcoin supporter while launching an invitation-only social media app named Clubhouse.

The conversation during this debut attracted the attention of thousands of listeners.

Bitcoin is a good thing

Musk said that besides being a supporter of Bitcoin, he thinks it is on the verge of getting the broad acceptance conventional currencies currently enjoy. He also said that he should have bought it eight years ago.

With millions of fans, the charismatic CEO admits that he was a little slow on the update. However, he thinks that at this point, Bitcoin is a good thing.

Recently, the Tesla founder has a successful streak that saw his net worth exceed that of Jeff Bezos, making him the richest man on the planet for a while.

The CEO memer

Bitcoin was up 2% on Monday, where one bitcoin was priced at $33,796. The crypto surged by over 300% last year due to the pandemic and fears that the markets were not stable. Musk also talked about Dogecoin, a meme-coin he has tweeted about in the past.

Adding Bitcoin to his Twitter bio led to the jump the crypto saw and reminds us that the often-hilarious CEO holds a lot of sway in the tech world.

Even with all that, he acknowledges he is late to the Bitcoin party.