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Elon Musk, the next great Bitcoin bull

Photo of: Joseph Stone
by Joseph Stone

After causing the price of Bitcoin to soar, Elon Musk is more openly declaring his interest in cryptocurrencies. According to him, it is well on its way to being more widely accepted in finance.

On Friday, January 29th, Elon Musk would trigger euphoria in the Bitcoin market. How? Through a simple mention of cryptocurrencies on his Twitter profile with nearly 44 million subscribers.

The billionaire and Tesla’s boss has since gone into more detail about his position regarding crypto-active encryption. And Musk is enthusiastic about Bitcoin in an interview on the Clubhouse application.

“I think Bitcoin is a good thing at this point,” he says unambiguously. His interest remains very focused, however. Musk adds that he doesn’t “have a strong opinion about other cryptocurrencies”.

As far as the first of the cryptocurrencies is concerned, the entrepreneur presents himself as a “supporter”. He admits to being a late supporter though. Nevertheless, he said, “Bitcoin is on the verge of being widely accepted by people in conventional finance. ยป

Its position on Twitter may not be entirely to the liking of this financial world. The billionaire caused the price of Bitcoin to soar by nearly $8,000, further increasing its volatility.

Musk plans to be more cautious in the future. “I have to be careful what I say. It can affect the market,” he says. After this episode, the price of Bitcoin fell back to its initial level.

Tesla’s CEO is well aware of the consequences of his statements on the value of crypto, such as Dogecoin. “Sometimes I make jokes about dogecoin, but they are nothing more than jokes. Dogecoin was created to make fun of crypto, but fate loves irony,” he says.

His unserious messages on Twitter, however, have the effect of making the token’s value soar. So it was the case for Bitcoin as well. This volatility confirmed the opinion of Blackrock’s CEO.

According to Larry Fink, Bitcoin “is very volatile, moving in increments of 5 to 6% with small dollar investments that make it move”. And this can be explained in particular by the “small size” of the current market.