{"id":282482,"date":"2021-02-01T15:28:19","date_gmt":"2021-02-01T20:28:19","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=282482"},"modified":"2021-07-21T07:18:54","modified_gmt":"2021-07-21T11:18:54","slug":"elon-musk-praises-bitcoin-lauds-chances-of-mass-adoption","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/elon-musk-praises-bitcoin-lauds-chances-of-mass-adoption","title":{"rendered":"Elon Musk Praises Bitcoin, Lauds Chances of Mass Adoption\u00a0"},"content":{"rendered":"

Elon Musk\u2019s transition into a Bitcoin bull is almost complete, with the tech billionaire praising the leading cryptocurrency every chance he gets. <\/span>In his latest sign of approval, Musk expressed significantly positive sentiments about Bitcoin, sharing hope for even wider adoption in the future.<\/span><\/p>\n

Bitcoin is a Good Thing<\/b><\/h2>\n

Musk shared his recent thoughts on Bitcoin in a meeting on Clubhouse – the fast-rising, invite-only social media app. Per a Forbes <\/span>report<\/span><\/a>, the billionaire had called a meeting and shared invites to a session where he discussed several things, including the entire GameStop saga and the crypto industry.<\/span><\/p>\n

Now the world\u2019s richest man, Musk explained that he had indeed been late to the Bitcoin movement. He added that while he didn\u2019t have a strong opinion about other cryptocurrencies, he believed significantly in Bitcoin, and thought the asset would have a higher chance of getting mass adoption soon.<\/span><\/p>\n

Musk\u2019s transition came full circle last week, when he updated his Twitter bio to include \u201c#Bitcoin,\u201d joining the ranks of Twitter founder Jack Dorsey and Reddit co-founder Alexis Ohanian Sr. <\/span><\/p>\n

The event didn\u2019t go unnoticed, with many seeing it as the final approval of the asset from the world\u2019s richest man. Bitcoin\u2019s price eventually shot up by 14 percent in half an hour. His recent comments didn\u2019t give the same reaction, but industry players will feel a slight tinge of relief that the world\u2019s richest man is a crypto believer.\u00a0<\/span><\/p>\n

Could Musk Become a\u00a0 BTC Whale?<\/b><\/h2>\n

For now, however, Musk appears to only be a fan of the asset. Many have tried to get him to make considerable investments, with billionaire investor Tim Draper asking if he could purchase Tesla\u2019s upcoming Cybertruck with the leading cryptocurrency.<\/span><\/p>\n

Draper was one of the first investors in Tesla. Following Musk\u2019s Twitter bio update, he shared a proposition with the billionaire, <\/span>saying<\/span><\/a>:<\/span><\/p>\n

\u201cHi Elon Musk, I would like to buy a Tesla cybertruck. Although I personally would rather keep my own #bitcoin, you can accept #bitcoin through our Draper VC company OpenNode.\u201d<\/span><\/p><\/blockquote>\n

Michael Saylor, another Bitcoin enthusiast, has advised that Musk convert Tesla\u2019s shares and balance sheet to Bitcoin. Saylor, whose company, MicroStrategy, has purchased well over $1 billion in Bitcoin over the past year, has been doing a lot of Bitcoin evangelism and trying to convince as many people as he can find to toe the same line.<\/span><\/p>\n

\n

Yes. I have purchased over $1.3 billion in #BTC<\/a> in past months & would be happy to share my playbook with you offline – from one rocket scientist to another.<\/p>\n

— Michael Saylor\u26a1\ufe0f (@saylor) December 20, 2020<\/a><\/p><\/blockquote>\n