One of the biggest problems for crypto traders is the fact that some leading technical experts – such as Elon Musk – are seemingly unable to make up their minds about bitcoin. Is it good? Is it bad? They seem to be going back and forth all the time, which inevitably causes the currency to experience price fluctuations that can make life difficult for hardcore traders and buyers.
Elon Musk: I’m a Bitcoin Supporter
But in recent days, the South African entrepreneur has been rather clear about where he stands regarding the world’s number one digital currency by market cap. In fact, in a recent interview, he claimed that bitcoin is headed for a big breakthrough and that the currency is about to garner widespread acceptance.
One of the major issues regarding bitcoin is how slow it’s been to catch on. While it certainly has loyal followers and fans all over the world, the asset itself has not managed to accomplish all it’s set out to attain. For example, it was initially decided that bitcoin would serve as a payment currency and compete with – and ultimately replace – fiat and credit cards.
Sadly, this has not happened. In actuality, the currency has distanced itself from this methodology considering it’s volatility has been so strong over the past ten years or so. Given that many stores are worried about potentially losing profit if bitcoin goes down, they refuse to accept it as a payment method and will often say “no” when the answer should so clearly be “yes.”
As it stands, bitcoin has come a step further in its ultimate goals in that it is now being viewed as a potential store of value, similar with gold, though there are still many rungs of the financial ladder it will be required to climb if it’s ever going to reach the top.
In an online chat, Musk commented:
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. I think bitcoin is on the verge of getting broad acceptance by conventional finance people.
I Make Jokes About Dogecoin
While it’s unclear if Musk believes that bitcoin will soon achieve the goal of becoming a payment currency, he has hinted that the asset is about to undergo some major changes in the eyes of the public, and that it is likely to be accepted on a major level. He further used the opportunity to tout what is allegedly his favorite digital currency dogecoin, claiming:
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.