Tesla CEO, Elon Musk in a Clubhouse discussion said that bitcoin is “on the verge” of being more widely accepted among investors. The billionaire expressed his support for the cryptocurrency in a chat on the social media app.
Musk had previously made use of the “#bitcoin” tag on his Twitter profile on Friday, 29th January 2020. After using the tag, the cryptocurrency went up 14%.
“I am a supporter of bitcoin. I was a little slow on the uptake,” Musk said. He also adds that he should have bought bitcoin eight years ago. “I think bitcoin is on the verge of getting broad acceptance by conventional finance people,” Musk added.
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The billionaire had also been vocal about his support for retail stock market investors against Hedge Funds. Last week, he tweeted “Gamestonk!!,” seen as a show of support for small investors. “Stonks” is a social media term for referring to stocks by small investors and stock market enthusiasts.
GameStop stock surged by about 400% in the past week after retail investors aligned to buy shares of the U.S. video game retailer. This put hedge funds in a losing position with many scrambling to cover losing bets, further driving up the price of the stock.
Apart from bitcoin, Elon Musk discussed memes, Mars, his companies, and vaccines, among other topics in the Clubhouse discussion. He also interviewed the co-founder of the online stock broker app Robinhood, Vladimir Tenev. Tenev and Robinhood are under fire for blocking retail investors from purchasing GameStop stock, thus halting their momentum.
Tenev said that Robinhood temporarily halted trading so as to meet regulatory capital requirements.
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