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Elon Musk says Bitcoin is on the verge of Mass Adoption

Elon Musk says Bitcoin is on the verge of Mass Adoption
Elon Musk at the SpaceX headquarters in Hawthorne, Calif., in October.Credit…Philip Pacheco/Agence France-Presse

Elon Musk stated on Monday that Bitcoin was on the verge of being more broadly accepted amongst investors. He displayed his interest in crypto through a chat on the social media app Clubhouse that drew thousands of listeners. Additionally, the comments reflected his application of the “#bitcoin” tag on his Twitter profile on Friday, which drove the cryptocurrency up by 14%. Moreover, the world’s biggest crypto is now trading above $34,000. The Tesla Founder continues his funny comments about Dogecoin, though he says that the concept behind Bitcoin is innovative and engaging.

Further, the CEO of SpaceX’s recent comments gained limelight after upgrading his Twitter profile with the Bitcoin tag’s inclusion. Bitcoin surged from $32,000 to $38,000 in a few hours of Musk’s update. Moreover, Bitcoin combined approximately $100 billion in its market capitalization through the rally. Bitcoin and other cryptocurrency assets have an account of dispensing powerful reactions to the remarks from Elon Musk. Moreover, Bitcoin price underwent a volatile commencement of 2021; the cryptocurrency recorded an all-time high of $41,500 earlier this month but dropped below $30,000 on 27 January. The amount of the world’s largest crypto asset is recently merging above $34,000.

Bitcoin Price decreases even after Elon Musk’s optimistic outlook

However, Elon Musk’s public comment on Monday has fueled community users hopes. But, after his statement, Bitcoin’s price dropped rapidly by about 3%. Crypto analysts believe that people assumed Elon would exhibit his crypto holdings. Therefore, Bitcoin observed a dip in its price. Last week, Dogecoin rose as much as 800% in 24 hours after the Reddit users took the tweet from Musk to indicate he was delivering his support behind the token. However, 2021 has witnessed a prominent rise in demand from retail investors.

Elon Musk stated that Bitcoin adoption would develop in the following months due to the conventional people’s recognition in the financial markets. Specific industry speculators have bestowed excitement since Musk extended his support for Bitcoin. Investors are confident that Musk’s remark is excellent for the crypto world and further improves its global acceptance. Dan Tapiero, a partner at 10T Holdings, also responded to the news about Musk. He said that somehow the comment feels good.

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