Elon Musk says bitcoin is ‘on the verge’ of being widely accepted

Platform News: Bitcoin cryptocurrency

Elon Musk has commented that bitcoin was “on the verge” of being more widely accepted among investors as he expressed his support for the digital currency in a chat on the beta social media app Clubhouse.

The comments followed his use of the “#bitcoin” tag on his Twitter profile on Friday, which pushed the cryptocurrency up by some 14%.

Musk, who is the Chief Executive Officer of Tesla and SpaceX amongst others, is known for making comments on Twitter that move markets and he acknowledged this during his debut on the invitation-only app Clubhouse.

“I am a supporter of bitcoin,” he said. “I was a little slow on the uptake,” he said, adding he should have bought it eight years ago.

“I think bitcoin is on the verge of getting broad acceptance by conventional finance people.”

Bitcoin last traded up 3.7% at $34,390, having surged over 300% in 2020.

Related Article:
WhatsApp gets approval to launch payments feature in India

On the wide-ranging chat Mr Musk discussed memes; his Mars colonisation aims; the various companies he owns and/or manages; and vaccines. He also interviewed Vladimir Tenev, co-founder of FinTech app Robinhood, which is under fire for blocking retail investors from purchasing GameStop stock.

Platform News: SpaceX's Elon Musk

GameStop stock surged some 400% in the past week after retail investors banded together to buy shares in the struggling game retailer, sending hedge funds scrambling to cover losing bets.

Tenev said the market rumour was untrue that Citadel Securities – the market-making arm of billionaire hedge-fund manager Ken Griffin – had pressured Robinhood into blocking retail investors.

“That’s just false,” Tenev said, adding that Robinhood halted trading temporarily merely to meet regulatory capital requirements.

Musk last week tweeted “Gamestonk!!,” which many in the market interpreted as an apparent show of support for small investors. “Stonks” is a tongue-in-cheek term for stocks widely used on social media.

Related Article:
PayTM says could turn profitable in 2021

Mr Musk also chatted about vaccines for the ongoing global coronavirus pandemic, saying he expected an avalanche of them soon. He added that authorities should focus on giving out the first dose of vaccines soon and worry about the second shot later, to speed things up.

The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sayantani Ghosh in Singapore and Hyunjoo Jin in San Francisco. Editing by Ana Nicolaci da Costa.

Stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, proprietary databases and content sets by becoming a member of our community. For a limited time, premium subscription plans start from just $7 per month.

Share This Post