Elon Musk Doubles Down Support for Bitcoin, Stating Broader Adoption is Due

Bob Coiney

February 2, 2021

Elon Musk, one of the world’s richest men, has always been a supporter of Bitcoin. Musk has never denied that. 

A news publication on ambcrypto claimed that Elon Musk has doubled down his support for Bitcoin. A few days earlier, Musk, who is also the CEO of Tesla, placed a picture of Bitcoin on his Twitter bio, leading to a massive surge in the digital asset. 

Investors and traders take Musk’s word for Bitcoin and work along the way. Now, as the market is slowly coming back to normal, the world’s richest man said that it would see broader adoption in the traditional finance world.

Latestcrypto.news provides you with the latest cryptocurrency news had this to tweet on Elon Musk, doubling down his support for Bitcoin. 

The Tesla CEO had said that he did not mind being paid in bitcoin. This was in reply to Ben Mezrich, who is the author behind the movie, The Social Network tweeted that he is never turning down an offer of somebody paying him in bitcoin. 

To that, Musk had replied, “Me neither.”

During an interview on the Clubhouse app, the Tesla CEO clarified that he feels Bitcoin is a good thing, and he supports it. Last year in 2020, many organizations and firms in America and other countries added bitcoin to their portfolios as a payment method. 

Jack Dorsey, the CEO of Twitter, has always been an admirer of Bitcoin. It came as no surprise when Square, his digital payments firm, invested close to $50 million last year. On Monday, the BTC was trading at $34,210.

The billionaire and Tesla CEO did express his surprise with DOGE. Musk always felt that the cryptocurrency, which began as a joke, is definitely one of the most ironic thing to have happened to the market and has a strong future.

According to Cointelegraph, the Bitcoin price is going slightly weak after getting pumped by Musk at $38,000 on Friday. Investors are monitoring a technical resistance at $34,500 that should be broken to avoid a downside in the short term.