Elon Musk believes that Bitcoin is now ripe enough to break into traditional finance. Bitcoin has been trending in the right seasons since 2020 and it is expected that the digital currency will reach greater milestones in the near future.
Is Bitcoin Reaching Mainstream?
The recent happenings in the world like the COVID pandemic have reduced the use of cash and led to a reduction in the global economy. But, it has been successful in putting digital currencies like Bitcoin in the consciousness of the masses.
Elon Musk, the owner of Tesla said on Clubhouse during an interview that he firmly believes that 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.
Driving the Bitcoin Price
Elon Musk added a #bitcoin to his Twitter bio on January 29, which triggered a huge pump in bitcoin price. Immediately, the Bitcoin price that was struggling to stay above $29k at that time, increased by 20 percent to reach $38,000.
In a similar way, in December 2020, Musk created a wild excitement in the crypto industry when he asked Microstrategy’s Michael Saylor if large BTC transactions were possible.
It is amazing to see how Bitcoin has gone from being a digital currency known for money laundering and illicit deals to be the fastest horse in the finance world and a hedge against monetary inflation.
Also, the founder and CEO of Ark Invest, Cathie Wood, revealed that a good number of tech firms are asking her about bitcoin and she strongly believes that these firms will join the bitcoin train. According to BTCManager, on January 28, 2021, Ray Dalio, the Chief Investment Officer of Bridgewater Associates makes it clear that the firm has Bitcoin on its radar.
At press time, the bitcoin price sits at $35,914.16, with a market cap of $668.65 billion, as seen on CoinMarketCap.