INX Limited CMO Douglas Borthwick argues that bitcoin will continue to recover after its pullback.
A few days after Elon Musk added #bitcoin to his Twitter bio, a move that caused the price of cryptocurrency to rise briefly by around 20% on Friday, the Tesla boss confirmed that he is a supporter of bitcoin.
“At this point, I think bitcoin is a good thing and I’m an advocate of bitcoin,” said Musk when asked about his ideas on cryptocurrencies during an interview broadcast live on the popular audio chat app Club House on Sunday. “Many friends of mine have long tried to convince me to get involved with bitcoin.”
Musk added. “I think bitcoin is really about to get widespread acceptance by mainstream finance people.”
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Musk explained that a friend offered him a slice of “bitcoin cake” in 2013.
“I mean, I clearly should have bought at least one bitcoin eight years ago,” said Musk, noting that he was late to the bitcoin party.
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The cryptocurrency value was traded above the $ 33,000 level on Monday night, after reaching a historic high of $ 42,000 in early 2021.
For Musk, major institutions, including Mass Mutual and PayPal, recently released acceptance of the digital currency.
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When asked about other forms of cryptocurrency, Musk admitted that he had no “strong opinion”. However, the billionaire has already tweeted about Dogecoin, including a 2019 tweet in which he referred to him as his “favorite cryptocurrency”.
“From time to time, I make jokes about dogecoin, but in reality they are just jokes. “Dogecoin was made as a joke to make fun of cryptocurrencies,” said Musk. “But fate loves irony. The most fun and ironic result would be for dogecoin to become Earth’s currency in the future. “
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