London Daily

Focus on the big picture.
Friday, May 30, 2025

Elon Musk: Bitcoin On ‘The Verge Of Broad Acceptance’

Elon Musk: Bitcoin On ‘The Verge Of Broad Acceptance’

Elon Musk, the billionaire chief executive of electric car-maker Tesla TSLA -5%, has said he thinks the soaring cryptocurrency bitcoin is on "the verge" of breaking into traditional finance.
Musk, who revealed last month he is open to being paid in bitcoin, made the comments during a wide-ranging interview on the app Clubhouse that also covered manned missions to Mars and Musk's implantable brain–machine interface Neuralink.

"I do at this point think bitcoin is a good thing," Musk told a packed Clubhouse chat room, adding he doesn't "have a strong opinion on other cryptocurrencies."

"I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people."

Musk's comments put him at odds with many global central bankers and regulators who have recently warned bitcoin is primarily used for illicit purposes and to launder money.

Musk said that people had tried to get him involved in bitcoin in the past, going back as far as 2013, when bitcoin was worth a fraction of what it is now—trading at under $100.

The bitcoin price has soared around 200% since October, surging to over $40,000 per bitcoin before falling back slightly. The blistering bitcoin rally has largely been put down to institutional investors warming to the cryptocurrency and payments giants such as PayPal PYPL -1.5% adding their support—though bubble fears have emerged.

Last week, Musk—whose tweets about bitcoin and joke cryptocurrency rival dogecoin often move the market—sent the bitcoin price sharply higher when he gave bitcoin a long-awaited tacit endorsement following restrictions being placed on the trading of company shares 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.

"I have to be careful what I say, it can affect the market," Musk said via Clubhouse, addressing the power of his near-45 million followers on Twitter.

"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."

The bitcoin price, after dipping under $30,000 per bitcoin last week, suddenly leaped 20% higher last week after Musk changed his Twitter bio to "#bitcoin" and posted: "In retrospect, it was inevitable."

The bitcoin price has fallen back since Musk's tweet, giving up almost all its short-lived gains.

Musk's latest Clubhouse comments have so far failed to move the bitcoin price, with expectations high ahead of the interview that he might have been readying a Tesla-related bitcoin announcement.

In December, Musk sparked speculation his electric car company could add bitcoin to its balance sheet during a public exchange on Twitter when he asked whether it was possible to convert billions of Tesla's dollars to bitcoin.
Comments

Oh ya 4 year ago
Its a pump and dump stock is all it is. Answer 2 questions.. What is the backing to Bitcoin and were does its value come from

Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×