Tuesday, March 2, 2021
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Bitcoin is on the brink of achieving financial recognition

In the traditional finance world, Bitcoin is about to see wider acceptance, says the wealthiest man in the world.

Elon Musk, the CEO of Tesla, said in a Clubhouse conversation on Feb. 1, Bitcoin is on the verge of seeing worldwide acceptance. The clubhouse is an exclusive social media platform for an audio chat that is invitation-only. Members will engage in different discussions, similar to a private online conference. 

Musk was asked about his views on Bitcoin during a talk with Andressen Horowitz and other influential investors. Musk inserted the word ‘Bitcoin’ in his Twitter bio on January 29, leading BTC’s price to spike by more than 14 percent in 30 minutes. 

According to cointelegraph.com, Bitcoin investors and enthusiasts were strongly expecting constructive feedback from Musk on crypto, in general, following the incident. Musk said when questioned about Bitcoin, according to industry managers who were able to listen to the chat: “I do think Bitcoin is a good thing. I’m a supporter of Bitcoin. I think Bitcoin is on the verge of getting broad acceptance by conventional finance.”

 Industry executives were generally positive about Musk’s comment on Bitcoin. James Todar, a partner at Greymatter Capital, said: “One of the most forward thinking inventors of our age missed bitcoin. On Clubhouse just now, @elonmusk tells of a friend who gave him a cake in the shape of a bitcoin back in 2013. Despite being ‘late to the party’ Elon thinks bitcoin is on the verge of acceptance in finance.” 

A similar sentiment was shared by Dan Tapiero, a partner at 10T Holdings. He said that “feels good” the richest man in the world being a Bitcoin supporter.” Tapiero wrote: “Somehow it feels good that @elonmusk, a #Bitcoin supporter near my age is the richest man in the world. Was getting tired of Gates/Buffett/Bezos…older guys in old tech or no tech and not bitcoiners. With an iconoclast and a visionary as an example maybe there is hope for Gen Z.” 

Prominent Bitcoin investors such as billionaire Tim Draper have been urging Musk and his companies such as Tesla to embrace BTC directly, as Cointelegraph reported, which will give Bitcoin a major boost in global awareness.

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