Elon Musk has declared that he strongly believes that bitcoin (BTC), the world’s flagship cryptocurrency is now ripe enough to break into traditional finance. Bitcoin has been in the news for all the right reasons since 2020 and it appears the digital currency is set to reach greater milestones in the near future.
Bitcoin Gone Mainstream?
Recent happenings in the real world, including the ravaging COVID-19 pandemic which has triggered a great reduction in cash use, coupled with the shrinking global economy and rising debt crisis, has succeeded in putting digital currencies like bitcoin in the consciousness of the masses.
Now, Elon Musk, the world’s richest man and CEO of electric car company, Tesla (NASDAQ: TSLA), has said during an interview session on Clubhouse, an audio-based social media app, that he firmly believes that Satoshi Nakamoto’s bitcoin is on the verge of breaking into traditional finance.
“I do at this point think bitcoin is a good thing. I am a supporter of bitcoin. I am late to the party but a supporter. Bitcoin is on the verge of getting broad acceptance by traditional finance people.”
“I have to be careful what I say, it can affect the market. The most entertaining outcome…would be that dogecoin becomes the currency of earth in the future. Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony,” he added.
Fueling the Bitcoin Price
Elon Musk triggered a huge pump in the bitcoin price on January 29 when he added “#bitcoin” to his Twitter bio. Almost immediately, the price of bitcoin which was struggling to stay above $29k at the time, skyrocketed by nearly 20 percent, reaching $38,000.
In the same vein, last December Musk caused wild excitement in the cryptospace when he asked Microstrategy’s Michael Saylor if it were possible to conduct large transactions with BTC.
Indeed, it’s amazing how bitcoin has gone from being a digital currency only known for money laundering and illicit deals, to becoming the fastest horse in the world of finance and a hedge against the great monetary inflation.
Interestingly, Cathie Wood, the founder and CEO of Ark Invest, has revealed that a good number of tech firms have been asking her about bitcoin and she believes that these companies will soon join the bitcoin train.
As reported by BTCManager on January 28, 2021, Ray Dalio, the chief investment officer of Bridgewater Associates, the world’s largest hedge fund, has made it clear that the firm has bitcoin on its radar.
At press time, the bitcoin price sits at $34,146, with a market cap of $635.67 billion, as seen on CoinMarketCap.