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Elon Musk Finally Supports Bitcoin!

Elon Musk, the richest man in the world, expresses his most positive statements about Bitcoin and claims that it is on a broader adoption threshold.

The CEO of Tesla seems to have finally come around to Bitcoin after watching it and making comments about it. However, he remains gently skeptical about it.

Until now, the largest indication that this might have happened last Friday was when he changed his Twitter bio to “#Bitcoin” – unknowingly pumping its price by $8,000. But last night, he gave his most explicit statement about it.

“I am a supporter of bitcoin. I am late to the party but a supporter. Bitcoin is on the verge of getting broad acceptance by traditional finance people,” he stated.

What about the other cryptocurrencies? Not so much. He continued that he “doesn’t have a strong opinion on other cryptocurrencies.”

Musk also has to be more careful. After adding one word to his Twitter bio sent Bitcoin’s price surging; he then realized how big of an effect he carries in this burgeoning, relatively undersized market. It was no surprise that he continued,

“I have to be careful what I say, it can affect the market.”

Musk dives into the Bitcoin rabbit hole.

Musk’s quest for Bitcoin has been a long one. Some of his initial thoughts about Bitcoin came in a January 2020 interview with the Third Row Tesla podcast, where he stated that Bitcoin had some limited use, but it wouldn’t be the main currency of the future.

“Where I see crypto as is effectively a replacement for cash. But not as a replacement for a primary—I do not see crypto being the primary database,” he said, that time.

Now he seemed to acknowledge that Bitcoin might have a greater purpose. When exchanging tweets with Parallax Digital CEO Robert Breedlove, Musk argued that “We should look at currencies from an information theory standpoint. Whichever has the least error & latency will win.”

This certainly puts Bitcoin at a disadvantage. It can only process seven transactions per second, below the rates needed to process every transaction in the world. However, as someone in the discussion pointed out, Bitcoin can work in addition to fiat currencies, giving a hedge against inflation. Musk responded to this, “Good point,” either recognizing the point of learning something new.

Two weeks later, he changed his Twitter bio and made his latest comments that he is now a Bitcoin supporter. The only question remaining is whether he still owns a meager 0.25 BTC or if he has started making use of MicroStrategy CEO Michael Saylor’s playbook.

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