Bitcoin just keeps surging higher and higher, and men like Elon Musk are quick to do their parts in helping the world’s number one digital currency by market cap reach its potential peak.
Elon Musk: Bitcoin Is Going “To the Moon”
The South African entrepreneur behind such billion-dollar companies as Tesla and SpaceX seems to jump back and forth between his love for Dogecoin and bitcoin. While BTC is considerably larger, there is a special aspect of Doge that seems to really tug at Musk’s heartstrings now and again. Recently, Musk commented that he was hoping to fly Dogecoin to the moon… and leave it there. That’s right. He wanted to fly some units of Doge all the way up to our lunar neighbor and leave it on its surface.
Why would he do this? Who knows? The point is that the comments saw Dogecoin spiking once again, and now it looks like Musk is hoping to do the same for bitcoin. He seems to realize that whatever his comments are, they have an impact on the crypto trading space, and when he wants to see these assets do well, he simply jumps on Twitter and begins messaging his followers about them.
In a recent series of tweets, Musk commented that bitcoin was “going to the moon very soon” (again, more moon references). From there, bitcoin rose to nearly $60,000 per unit. This instantly caused many industry heads to begin speculating, and messages from the likes of Danny Scott – the chief executive of Coin Corner, a cryptocurrency exchange on the Isle of Man – began flooding social media.
In response to Musk’s words, Scott wrote:
SpaceX buying bitcoin?
This would be quite a sight to see. Musk has already managed to garner $1.5 billion in bitcoin through Tesla. Why not do the same thing through his space exploration company? At this stage, investors cannot (and likely would not) be shocked if Musk were to travel this path.
But it is not just Musk that has opened his mind and heart to the king of cryptocurrencies. Several institutions have been taking notice of the asset. Thus, the currency is making its way deeper into mainstream territory, which could explain its massive price spikes over the past few months.
Many People See BTC in a New Light
Stephen Kelso – head of capital markets at ITI Capital – explained in a recent interview:
Until recently, established brokers, advisors and banks wrote-off crypto as ‘too volatile’, just as they did with today’s household tech brands 20 years ago, failing to recognize it as a legitimate asset-class in advice issued to investors. Now, we are seeing a dramatic change in approach from asset and wealth managers, who increasingly advise their clients that bitcoin is a preferential investment over gold.
At the time of writing, one unit of bitcoin is trading for just over $59,800.