Elon Musk Pledges Support for Bitcoin

Elon Musk pledges support for Bitcoin

TL;DR Breakdown

  • Elon Musk supports Bitcoin.
  • Other notable billionaires like Jack Dorsey, Micheal Saylor, and others also support the asset.

The wait is finally over. Elon Musk has made a public declaration of his support for Bitcoin. This was made known during a Clubhouse Conversation where he confirmed that the leading crypto asset is “a good thing” and that the digital coin would gain “broad acceptance by conventional finance.”

Musk finally confirms what many think

The world’s richest man had never openly endorsed the leading crypto asset, but, at various times, he has given his tacit support for the flagship cryptocurrency. Musk is also quite renowned for his take on the crypto industry and is one of the leading influencers that made Dogecoin famous to the public.

Musk’s endorsement would give Bitcoin a boost amongst traditional commentators called the coin all sorts of names from being a bubble to a Ponzi scheme. The Tesla founder criticizes the government’s tendency to mint fiat currencies on the whim as he believes that this would only lead to the devaluation of the currency and cause more inflation.

When Bitcoin was on its earlier bull run that led to the asset reaching its current all-time high, Musk had posted a meme on his Twitter account in which he implied that the crypto asset was tempting him. 

Other billionaires that support the asset

Elon Musk is not the only billionaire in the world who believes investing in the crypto asset is a perfect investment plan.

Micheal Saylor, the Microstrategy founder, is one of the top voices drawing more investors to the crypto asset. He had earlier tried to lure Musk into investing his firm’s capital into the crypto asset in one such attempt. 

Saylor’s firm is also one of the highest holders of the crypto asset.

Jack Dorsey, the founder of Twitter, has also been an avid supporter of the digital coin. His other company, Square, invested $50 million in Bitcoin last year.

 

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