Elon Musk says he’s a Bitcoin supporter

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The statement follows Musk’s addition of the hashtag ‘bitcoin’ to his Twitter bio

Just a few days after cryptically adding the hashtag “bitcoin” to his Twitter bio, Elon Musk has gone on the record to say he’s a supporter of the virtual currency. 

The Tesla CEO said Sunday on the Clubhouse audio chat app that he’s a supporter of the notoriously volatile cryptocurrency and that he sees it gaining “broad acceptance” in the near future. Musk’s Friday mention of Bitcoin on his Twitter bio sent the coin’s price up as much as 20 percent. At the time, he didn’t elaborate on what he meant by adding the hashtag to his bio. 

“I’ve got to watch what I say here because some of these things can really move the market,” Musk said. 

Bitcoin gaining broader acceptance

Musk said that he has friends who have tried to get him to invest in Bitcoin for some time, but he never pulled the trigger. Now, he’s regretting that decision.

“[I] should have at least bought some bitcoin eight years ago — talk about being late to the party,” he said. “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.”

Bitcoin’s price hit a record high of $41,940 in January before falling to below $30,000 later in the month. The digital coin’s value more than quadrupled in price over the course of 2020, partly due to the perception that cryptocurrency holds a value similar to gold during times of economic turbulence. 

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