In an interview on Sunday in the social application Clubhouse, Musk said that he should have bought the digital currency eight years ago. The sound was no longer available on Monday, but many listeners posted the interview on other platforms, including YouTube.
“Right now, I think bitcoin is a good thing. I’m late for the party, but I’m a supporter of bitcoin,” he said.
The price of a single bitcoin rose just over $ 1,000 to about $ 34,500 a month before returning again. Bitcoin has grown by over 260% in the last 12 months and a number of high-quality money managers, including Paul Tudor Jones and Stanley Druckenmiller, have embraced cryptocurrency.
Investors also have a growing number of ways to gain exposure to bitcoin in traditional capital markets, such as publicly traded companies and publicly traded funds.
Musk has a history of supporting tweeting for assets and conveying their growing value. In recent weeks, he has written on Twitter that he likes it Etsy (ETSY), causing a 10% share rally. He supported the cryptocurrency Dogecoin, sending it 20% higher. And added to GameStop (GME) power surge.
“I guess [bitcoin] is on the verge of gaining acceptance by people in the field of conventional finance, “Musk told Clubhouse’s Good Time, a show focused on technology and culture. He has previously expressed skepticism about bitcoin and other cryptocurrencies, so he caused a stir on Friday when he changed Twitter biography the #bitcoin.
Musk said he has no strong opinions about other cryptocurrencies and that his comments about Dogecoin are “meant to be jokes.” The virtual currency, which initially started as an internet parody based on a viral dog meme, rose last week due to exaggerated reddit users before throwing itself over the weekend.
“The most ironic result would be that Dogecoin will become the currency of the Earth in the future,” Musk said.
—- Paul R. La Monica and Michelle Toh contributed to the reportingg.