Elon Musk predicts inevitable acceptance of Bitcoin

Elon Musk applauds the worth of Bitcoin yet again
  • Elon Musk: Investors should more widely welcome Bitcoin
  • Elon said that he is a keen supporter of Bitcoin
  • He regrets not investing in Bitcoin eight years ago

Elon Musk’s tweet from last week read: Gamestonk!! The market has interpreted it as an alleged representation of support from small investors. Stonks is considered a tongue-in-cheek term for stocks popularly used on digital media platforms.

Elon Musk on Clubhouse

Billionaire Elon Musk in his statement on Monday suggested that Bitcoin was likely to be more widely welcomed by investors. He expressed his advocacy for cryptocurrency in a conversation on the social media app Clubhouse. The chat conversation attracted thousands of listeners.

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The comments picked up on his use of the tag #bitcoin on his Twitter account on Friday. It eventually led to a surge in the cryptocurrency by 14%.

Elon Musk, CEO of Tesla Inc, is famous for making comments on Twitter that stir the existing markets. He acknowledged the same during his first conversation on the Clubhouse, an invitation-only app. He accepted that he is a keen supporter of Bitcoin.

Elon Musk explained how he was a little slow with the process so far. He further expressed his regret over not investing in Bitcoin eight years ago. Then came his official acknowledgment that Bitcoin, according to him, is likely to receive wide acceptance by traditional financial participants.

Elon discussed memes, Mars, and so much more on this wide-ranging platform along with these professional topics. Moreover, he interviewed Vladimir Tenev, co-founder of digital stockbroker application Robinhood. The latter is under attack for restricting retail investors from buying GameStop stock. 

The alleged rumor about GameStop 

GameStop stock soared around 400% in the last week after retail investors grouped to purchase shares in the respective firm. It ultimately sent hedge funds climbing to hide the losing bets.

Recently, a market rumor claimed that Citadel Securities had influenced Robinhood to block retail investors. Vladimir refuted the whole episode claiming that the market rumor was false. He further added that Robinhood temporarily stopped trading to meet the requirements of regulatory capital. 

Elon’s tweet, on the other hand, about Gamestonk!! 

Created a stir amongst the market officials. The market concluded on the statement as a solid vouch for small investors. Stonks is a very amusing term generally associated with stocks. It is prevalent on social media platforms these days.

Elon Musk also commented on COVID-19 vaccines, where he announced their arrival anytime soon. He added that officials should spread out the first dose of vaccines soon and think about the second step later.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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