Elon Musk Believes This Is Bitcoin’s Time
Many have discussed the fortunes of the largest cryptocurrency by Market Cap, Bitcoin, which has become a mainstay. Investors and several Billionaires worldwide have offered their opinions on the digital asset to the public, amidst a host of them investing massively in the cryptocurrency.
The rate of institutional adoption of the cryptocurrency is also increasing as the days go by, with analysts predicting that the cryptocurrency market cap will likely triple by the end of 2021. Elon Musk is the latest investor to discuss the digital asset’s potentials, as he believed that the cryptocurrency is set to be a mainstay.
Musk hopes he is not too late to the Bitcoin party
The richest man on earth and the CEO of Tesla Group, Musk, in a one-one conversation on a financial group on social media Clubhouse, has discussed that he was one of the few people who did not believe in Bitcoin. Musk has now reiterated his stance on the digital asset, and he claims that both he and his organization are ready to become investors in the cryptocurrency.
The businessman had become popular on social media, Twitter, for his regular jokes on Dogecoin, which he claims is a clownish crypto asset. However, he believes that the status of Bitcoin supersedes Dogecoin, and he believes the technology behind the asset cannot be challenged by Dogecoin. Musk’s status as a social media influencer on Twitter has been laudable recent, as the occasional joking around of Dogecoin has led to a massive rally of investors around the coin.
The latest of the Billionaire’s endorsement of Bitcoin, which he endorsed by adding the tag to his verified account. Barely a few hours after endorsing Bitcoin, prices jumped by more than $8,000 from $31K to about $39K, amidst a trading volume of more than $500million.
A critical look at Bitcoin
The performance of Bitcoin has not been stellar since the beginning of the year, amidst several price fluctuations. Several altcoins, including Ethereum, Bitcoin Cash, and Co., have outperformed the crypto giant when compared with each other. However, the digital asset’s status quo is renewing belief in the coin, which currently trades at slightly above $36K today, gaining about 5% in the last 24hours, amid a $48 billion trading volume.
The increasing institutional adoption of the asset has also been touted to drive prices higher positively. Another factor that has recently been driving prices up is the social media intervention of prominent Billionaires and investors who have now either re-instated their stance or bolster their commitment to the cryptocurrency.
Winklevoss Billionaire brothers and a host of other billionaires have now been joined by Musk, who seems not to be a Bitcoin influencer but a crypto influencer. However, the future of Bitcoin is still looking so bright despite the stagnancy, with investors and enthusiasts having high hopes towards the digital asset.
