Elon Musk: "Bitcoin Is on the Verge of Broad Acceptance by Conventional Finance"

Following a cryptic statement on Friday and an update to his Twitter profile, Elon Musk elaborated on his new-found interest in Bitcoin over the weekend.

During a session on audio chat platform Clubhouse, Musk responded to a question about his opinion on Bitcoin that in 2013, a friend made a "Bitcoin cake," a cake with a Bitcoin symbol on it, and fed him a slice of it, which, in hindsight, he commented on that "clearly, I should've at least bought some bitcoin eight years ago."

On a more serious note, Musk added that he did, at this point, think that "Bitcoin is a good thing."

I'm late to the party, but I'm a Bitcoin supporter.

Musk has talked about Bitcoin repeatedly on his 44 million follower-strong Twitter account in recent years, although he showed himself skeptical the majority of the time—and joked about Bitcoin and other cryptocurrencies the rest of the time.

As for what the future holds, Musk stated he believes that "Bitcoin is on the verge of getting broad acceptance by the conventional finance people."

With his comments, Elon joins the ranks of various representatives of financial institutions that have either expressed their interest in Bitcoin in recent months or made good on their commitments and purchased varying amounts of the asset.

In January, a twin filing by the world's largest asset manager BlackRock made the rounds as it contained language that implied some of the firms funds "may engage in futures contracts based on bitcoin."

author avatar image

written by

Thomas is a journalist at the BTC Times. He enjoys writing about Bitcoin, learning about Bitcoin, and HODLing bitcoin.