I am a supporter of Bitcoin; Elon Musk

By Rahul Vaimal, Associate Editor
Elon Musk Image
Representational Image

Tesla and SpaceX CEO Mr. Elon Musk has expressed his support to leading cryptocurrency Bitcoin while expressing his regret that he should have invested in the digital currency earlier. 

Speaking on the occasion of his debut on the invitation-only audio-chat app Clubhouse, the billionaire remarked that “I should have bought [bitcoin] eight years ago … I do at this point think Bitcoin is a good thing. I am a supporter.”

The SpaceX CEO further elaborated that Bitcoin, the leading cryptocurrency by market cap, is “on the verge of getting broad acceptance by conventional finance people.” while adding that he did not have a “strong opinion on other currencies.”

Elon Musk Twitter Image
Image Courtesy: @elonmusk | Twitter

Mr. Elon Musk had recently contributed towards a surge in Bitcoin valuation after the Tesla CEO replaced his Twitter bio with “Bitcoin” resulting in double-digit growth in the value of the cryptocurrency.

The billionaire’s comments come at a time when digital currencies across the globe are facing heightened scrutiny for their volatility. Global economies have been trying to curb the influence of digital currencies are gaining among investors, especially amid the COVID-19 pandemic.

One of the largest economies in the world, India is reportedly planning to roll out new law to ban private cryptocurrencies like Bitcoin and map out a new framework for an official digital currency to be issued by the central bank, Reserve Bank of India.

The United State of America is also expected to regulate cryptocurrencies in the country by allowing law enforcement authorities to curb the unlawful use of these solutions. US Attorney General William Barr recently published a comprehensive “Cryptocurrency: An Enforcement Framework” which highlights the various use cases of this technology including how these tools can be used for illegal activities such as terrorism funding, blackmailing, purchases on the Dark Web, etc.

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