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Elon Musk doubles down on his support for Bitcoin; will the price surge like last time?

Namrata Shukla

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Source: Pixabay

Just a few days ago we saw Elon Musk, the CEO of Tesla add Bitcoin to his Twitter profile, which caused a sudden pump in the value of the digital asset. As the market stabilizes from the surge, Musk has extended his support to Bitcoin and stated that it was on the verge of acceptance by traditional finance.

The Tesla CEO had revealed earlier that he was open to being paid in bitcoin, when the author behind the movie, The Social Network, Ben Mezrich stated:

“I’m never turning down getting paid in bitcoin again.”

Where Musk replied, “Me neither.”

The newly-termed ‘richest man in the world’, appeared in an interview on the Clubhouse app and clarified his Bitcoin sentiment. Musk stated:

“I do think Bitcoin is a good thing. I’m a supporter of Bitcoin.”

The adoption of BTC in the recent past has been pivotal in Bitcoin’s history. The year 2020 saw many institutions add Bitcoin to their holdings which increased trust in those who still looked at it as a speculative digital asset.

Jack Dorsey, the CEO of Twitter has been a Bitcoin proponent for a long time now. Given his leaning toward Bitcoin, his digital payments company, Square also invested nearly $50 million in October 2020. Now that Elon Musk waves the Bitcoin flag, it will be interesting to see his holdings in the digital asset.

As far as the wider adoption of Bitcoin is concerned, Musk believed that the asset was opening up to a larger group of traditional finance. He stated:

“I think Bitcoin is on the verge of getting broad acceptance by conventional finance.”

With Musk elaborating about his feeling towards Bitcoin and its future, the BTC market was once again moving upward. At the time of writing, the value of BTC was trading at $34,210, up 6.7% in eight hours.

Source: CoinStats

Meanwhile, the meme-coin DOGE, which had briefly made Musk the CEO, was also witnessing a surge as the coin traded at $0.0407.

Musk admitted that he did not have a lot to say about other cryptocurrencies but he did admit that the most ironic thing to happen to DOGE was that “Dogecoin becomes the currency of earth in the future.”


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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.