Elon Musk Confirms He Is a “Supporter” of Bitcoin

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  • Elon Musk has explained his position on Bitcoin a few days after seeming to have converted last week
  • Musk said that he was late to the party but he was now “a supporter of Bitcoin”
  • Musk added that his Dogecoin references are only jokes and should be seen as such

Elon Musk has clarified his feeling about Bitcoin a few days after causing a price spike by apparently referencing it on Twitter. Appearing in an interview on social media app Clubhouse, Musk discussed Bitcoin and Dogecoin, saying that he was a “Supporter” of Bitcoin and admitting that he should have bought in sooner, while adding that he likes to joke about Dogecoin.

Musk “Late to the Party” But is Bitcoin Supporter

After discussing various elements of his business endeavors, Musk was asked about Bitcoin, where he showed uncharacteristic caution by acknowledging that his comments have the ability to “move the market”. He did though state that he had first come across Bitcoin in 2013 but declined to buy it at that point, although he is finally at the point where he realizes its benefits:

I do at this point think that Bitcoin is a good thing…so I’m a supporter of Bitcoin…I’m late to the party but I’m a supporter of Bitcoin. I think Bitcoin is really on the verge of broad acceptance by conventional finance people.

This comment adds some detail to Musk’s tweet last week when he said that “in retrospect, it was inevitable” and added the Bitcoin logo to his Twitter bio. His comments in the interview are still not suggestive of any Bitcoin purchases by Tesla or himself yet however, revelations of which would have an even bigger impact on the price than the $6,000 pump and dump that his Tweets caused last week.

Dogecoin References are Jokes

Musk also clarified that he doesn’t have “a strong position on other cryptocurrencies”, although he did reference his hitherto unexplained affiliation with Dogecoin, saying that “Occasionally I make jokes about Dogecoin, but they really are just meant to be jokes.” Reminding the community that Dogecoin was established as a joke cryptocurrency, Musk added that “fate loves irony” and that it would be the most entertaining outcome would be if DOGE became “the currency of Earth in the future”.