This is what Elon Musk Thinks About Bitcoin

By May 24, 2021 Uncategorized

Tesla CEO Elon Musk said Bitcoin was “on the verge of getting broad acceptance” from the traditional finance world. The price of the cryptocurrency rose, while Bitcoin stocks were mixed.

Musk, who briefly overtook Amazon CEO Jeff Bezos last month as the world’s richest person, made the remarks in a conversation on the chat app Clubhouse, offering his latest signal of support for the digital currency.

“I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin,” he said, according to various media outlets.

On Friday, Musk added the hashtag Bitcoin to the bio on his Twitter page. That continued a string of Bitcoin price swings, which saw an all-time high of $41,940  then a plunge below $30,000 soon after that.

Bitcoin Price, Bitcoin Stocks

Bitcoin rose 2.8% to $33,776. Among Bitcoin stocks, Grayscale Bitcoin Trust (GBTC), which tracks Bitcoin’s movement, fell 2.1% in the stock market today.

Among other Bitcoin plays, PayPal (PYPL) added 3.2%. Square (SQ) rose 2.8%. At the latest Bitcoin price, it held a market value of more than $628 billion, according to CoinMarketCap.

The cryptocurrency rallied last year on more mainstream adoption. Economic stimulus and central bank intervention last year also prompted a stampede into Bitcoin purchases.

PayPal has allowed users to buy and sell cryptocurrency from their accounts. Square has allowed users of its Cash App to make automatic recurring purchases of Bitcoin, and has bought $50 million of the digital asset. Massachusetts Mutual Life Insurance purchased $100 million in Bitcoin for its general investment fund.

American Express Ventures has invested in a cryptocurrency trading platform. Visa (V) will offer a credit card that lets users earn money back in the form of Bitcoin. JPMorgan (JPM) has put its own digital currency to commercial use.

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