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Elon Musk, the billionaire chief executive of electric car-maker Tesla and SpaceX has said he thinks the soaring cryptocurrency Bitcoin is on the verge of breaking into traditional finance. “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.” He added

The influence of the Elites is unmatched, as the value rose after he cemented his trust in Bitcoin and its value. He also spoke on the recent DOGECOIN and the growth it experienced. Dogecoin DOGE, a digital token with little utility beyond the meme-iness of its doggie-faced image, has climbed eight-fold in the past two days, which was influenced as well by the billionaire. 

This latest record-breaking high means BTC now boasts a market cap of approximately $650 billion [£476 billion], meaning the digital currency is more valuable than Visa and Mastercard. Experts believe bitcoin has benefitted from recent significant institutional investment resulting from economic uncertainty due to the Covid-19 pandemic. Many have been predicting bitcoin could reach the $50,000 – $100,000 to (£36,621 to £73,243) mark in 2021, and if the first week of the year is anything to go by that may well be the case, the continuing economic uncertainty will only strengthen the position of bitcoin and increase its standing as an alternative investment in these trying times. Your favorite online cryptocurrency exchange platform will always be here to ease your trade.

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