Even while fellow billionaire Mark Cuban predicts a “crazy” bitcoin price, Elon Musk, the billionaire CEO of Tesla, has largely refrained from making comments about bitcoin and cryptocurrencies since the 2022 fall.
Nevertheless, the price of bitcoin has rebounded, surpassing its peak in late 2021 and rising above $70,000 a coin as Wall Street adoption and Donald Trump’s cryptocurrency conversion drive the market higher.
Musk has now broken his lengthy quiet on bitcoin, stating he sees “some merit” in it, following his shocking warning about the future of the US currency.
In a YouTube interview, Musk stated, “I do think there’s some merit in bitcoin, and maybe some other crypto.” “I’ve sort of got a soft spot for [the meme-based bitcoin rival] dogecoin because I like dogs and memes,” Musk said.
When Musk put $1.5 billion worth of bitcoin to Tesla’s balance sheet, he contributed to the price of bitcoin rising into 2021 and dragging dogecoin and the larger cryptocurrency market along with it.
But after he first scrapped plans for Tesla to accept bitcoin as payment and then sold off most of Tesla’s bitcoin to squeeze out a profit in 2022, he went on to collapse the price of bitcoin.
On its balance sheet, Tesla still has approximately 10,000 bitcoin, valued at close to $650 million.
In the meantime, several bitcoin and cryptocurrency traders believe that Musk’s recent teases about several improvements to his social media platform X might completely change the market.
“The circle will be complete,” Musk said on X in March, along with a picture that connected X to his former payments startup, which later evolved into PayPal.
Despite presenting what he believes to be the “true currency” last month, Elon Musk declared “dogecoin to the moon” and hinted at the idea of purchasing Tesla automobiles with it in an April speech at a Tesla factory.
Over the past year, X, formerly known as Twitter, has been covertly obtaining money-transmitter licenses around the United States. Musk has stated that he intends to “revolutionise” payments by the year 2024.
Musk refuted claims in May that he “discussed crypto” with Donald Trump, a former US president and Republican candidate for president in 2024.
“Pretty sure I’ve never discussed crypto with Trump, although I am generally in favour of things that shift power from government to the people, which crypto can do,” Musk said on X at that the time.
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