Elon Musk backs Bitcoin, says ‘it is inevitable’

World richest man and Tesla CEO Elon Musk has publicly back top digital currency Bitcoin noting that the digital assets “in retrospect, is inevitable.”

Elon Musk disclosed this via an official tweet from his Twitter account. He declared that he’s a supporter of Bitcoin noting that he believes the top crypto is on “the verge” of breaking into traditional finance.

The Tesla and SpaceX boss while speaking on Clubhouse an invitation-only audio-chat app, on Monday, retirated his found support for Bitcoin. He noted that although he is joining the crypto community late, he believes the top digital currency has the potential to break into traditional finance.

“Although i’m late to the party. And I should have bought [bitcoin] eight years ago. I do at this point think bitcoin is a good thing. I am a supporter.”

Elon Musk noted that several people had previously tried to get him involved in bitcoin in the past, as far back as 2013, when bitcoin was worth a fraction of what its currently worth. Expressing his regret with not previously investing in Bitcoin, Musk noted that “At this point think bitcoin is a good thing.”

In addition to declaring his support for Bitcoin, On Friday, Elon Musk changed his Twitter bio to “#bitcoin.”

Musk’s comment prompts Bitcoin rise

Elon Musk recent actions have affected the crypto space positively. After disclosing his crypto stance the price of bitcoin spiked a little more than $1,000 to about $34,500 on Monday before easing back again. Bitcoin is up more than 260% over the past 12 months.

The Tesla boss comments come after free-trading app Robinhood sparked an almighty row yesterday by restricting users from trading GameStop and other stocks that have become a battleground for bullish retail traders organised via Reddit’s WallStreetBets forum and Wall Street hedge funds that have long been shorting the stocks.

Robinhood, who like many other brokerages limited trader’s access to the frothy stocks, has however disclosed that it has lifted restrictions put in place.

Notably, Musk has previously faced problems with the SEC for tweeting about Tesla’s stock. In August 2018, he said he wanted to take Tesla private at $420 per share and that he had secured the funding to do so.

He and Tesla each had to pay the SEC a $20 million fine to settle the suit, and Musk has since agreed to submit his public statements about Tesla’s finances and other topics to vetting by its legal counsel.

Others embracing Bitcoin

While there are still a large number of crypto doubters, many have begun switching and changing the stance regarding Cryptocurrency.

Notable on the list is financial commentator Peter Schiff who in his tweets refers to Bitcoin as a rip-off and also said it carries traits of scam types, including Ponzi schemes. However, Schiff recent actions suggest the critic is changing stance.

Also, as per a January 11, 2021 tweet, billionaire Mark Cuban and renowned crypto critic compared the scene in the crypto space to the dot-com bubble, which popped in the early 2000s, although he did say he expects some assets, such as btc and ethereum (ETH), to succeed in the long run.

However, the Dallas Mavericks boss recently on GameStop shorts, laud the top crypto. He said “the game is changing” when it comes to stocks but encouraged the Redditors to look at Bitcoin (BTC) investors for guidance.

“BTC HODLers are a great example to follow,” said Cuban. Currently, Cuban said his crypto portfolio includes Aave’s LEND, SushiSwap’s SUSHI, Ether (ETH), BTC and Litecoin (LTC).

Crypto Prices

Currently as of press time, King of crypto Bitcoin was trading at $34,828.83, with a 24-hour trading volume of $48,161,069,763 and a market cap of $648,421,070,650.

While, Ether (ETH) price was at $1,469.18, with a 24-hour trading volume of $38,471,798,158 and a market cap of $168,197,393,417.

Similarly, XRP the third-largest digital asset was trading $0.377007 at press time, with a 24-hour trading volume of $9,278,015,969 and a market cap of $17,167,401,404.