Rumors were circulating on social media that CEO of Tesla, Elon Musk, has invested in Bitcoin (BTC) after his Twitter profile was changed to “#Bitcoin” last Friday.
Some social media platform users took it as a joke, in line with his earlier Dogecoin tweets, crypto enthusiasts believed that the profile name change reveals his investment in the cryptocurrency.
While speaking to Clubhouse, Tesla CEO responded to rumors and deviously affirmed the purchase, even though he refrained from making any direct disclosure. Musk clarified that he has been tracking cryptos since 2013 after several of his friends suggested him to look at it.
Musk further stated that he is “late to the party.” Furthermore, the Tesla CEO said that Bitcoin is a “good thing.” Interestingly, Musk stated the he anticipates mainstream adoption:
“I am a supporter of Bitcoin. I am late to the party but a supporter. I think, Bitcoin is on the verge of getting broad acceptance by traditional finance people.”
Musk also opined that he has to watch his words as Bitcoin (BTC) rallied over 20% or roughly $6,000 after he included “#Bitcoin” to his Twitter bio. The rally made him realize the impact his words can have on the crypto market, which is smaller in comparison to Bitcoin market.
So, there was nothing to astonish when Musk stated “I have to be careful what I say, it can affect the market.” However, Musk also disclosed that he does not hold “strong opinion on other cryptocurrencies.”
Regarding Dogecoin (DOGE), the meme cryptocurrency about which he had tweeted multiple times earlier, Musk stated that he “occasionally jokes about Dogecoin” as it is a crypto created for fun.
“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.”
BREAKING: @ELONMUSK CONFIRMS HE SUPPORTS #BITCOIN NOW!!!!! pic.twitter.com/bEBjkOAuQe
— MMCrypto (@MMCrypto) February 1, 2021
Contradicting Friday’s rally, Bitcoin’s price reflected only a slight increase today. At the time of writing this article, Bitcoin was trading at $33,634 reflecting a gain of 0.5% in the last 24 hours, with $32,200 being the low during the period.
