Elon Musk Confirms His Support For Bitcoin; Regrets Not Buying Eight Years Ago

Oliver  |  Feb 1, 2021, 11:57 am
Elon Musk Confirms His Support For Bitcoin; Regrets Not Buying Eight Years Ago

After days of speculations, Tesla’s Elon Musk has indeed embraced Bitcoin following his Twitter bio update. The prominent engineer and entrepreneur has confirmed his support for the cryptocurrency. Moreover, Musk had reportedly asserted that he regrets not buying bitcoin eight years ago when he was first introduced to it.

Elon Musk: I Am a Bitcoin Supporter

As reported on Friday, the CEO of Tesla and SpaceX, updated his Twitter bio to display only one word – “Bitcoin.” This somewhat unexpected development shook the crypto world as Musk had previously questioned BTC and all other cryptocurrencies in their attempt to become broadly utilized payment options or stores of value.

Additionally, the world’s richest man is well-known for his trolling endeavors on the open Internet, and the crypto community was waiting for confirmation if his bio update was a sign that he has entered the space.

And such confirmation has indeed arrived, according to a Reuters report citing a Musk speech on the invitation-only social media app Clubhouse. While talking specifically about the first-ever cryptocurrency, the business magnate said that “I am a supporter of Bitcoin.”

Furthermore, he predicted that the asset is on the “verge of getting broad acceptance by conventional finance people.”

2020 turned out to be the year where many representatives of the traditional finance field openly embraced bitcoin. Hedge fund legends and high-net-worth individuals such as Paul Tudor Jones III and Stan Druckenmiller outlined that they had already allocated funds into BTC, and so did corporations and large investment companies.

Regret Not Buying Bitcoin Before

Apart from his vision that BTC will be soon adopted by more mainstream financial individuals and organizations, Musk talked about his missed opportunity to purchase bitcoin a few years after it was launched.

He reportedly regrets missing out on buying any BTC in 2013 when the asset price was less than $1,000. However, he seemed more optimistic now about bitcoin’s role in the monetary system:

“I was a little slow on the update … I do think at this point that bitcoin is a good thing.”

BTC is quite accustomed to changing people’s minds lately. Prominent U.S. investor Ray Dalio appears as the most recent example. Dalio went from asserting that bitcoin fails the purpose of money in early 2020 to call it a “great invention” a year later.