The world’s first and most accepted cryptocurrency Bitcoin is already the most popular digital asset in the crypto market. But recently Elon Musk, the CEO and founder of Tesla, suggested that very soon Bitcoin is going to witness greater acceptance by investors around the world. When asked about his opinions against Bitcoin, Musk commented that he expects that the leading cryptocurrency will be accepted in the traditional financial system to a greater extent. On 29th January, Musk mentioned Bitcoin in his tweet that led to the price rise of the digital asset to 14% within half an hour.
Elon Musk’s Opinions On Bitcoin
While investors and executive members of the industry eagerly waited for Musk’s comments on BTC, in a recent interview he said that he is a supporter of Bitcoin and it is very close to gaining broader adoption in the conventional finance world.
According to a report, Bitcoin investor Tim Draper has directly approached Elon Musk to adopt Bitcoin which will lead to a great impact on the market price of the cryptocurrency and also increase awareness of BTC globally.
Dan Tapiero, a 101 Holdings partner, also expressed the same views as Musk. According to Tapiero, the world’s richest man Elon Musk’s support for Bitcoin makes him feel good as it will give hope for the new generation greatly.
Bitcoin’s Recent Price Drop
Recently, Bitcoin saw a price drop after Elon Musk’s opinions regarding it. According to the experts, people may have assumed that Musk will soon reveal his estimated Bitcoin holdings. The other reason may be the reaction of the market with the increasing popularity of Musk’s response.
Bitcoin’s price is stuck at the support level of around $35,000 which should encounter a prominent change before the price action moves downwards.
