Tesla CEO Elon Musk suggested in a debate at the Clubhouse on Feb.1 that Bitcoin (BTC) was on the verge of wider acceptance.
Clubhouse is an invitation-only voice chat social media platform. Members can participate in various discussions similar to online private conferences.
“I am late to the party but I am a supporter of #Bitcoin.” – Elon Musk
– Dan Held (@danheld) February 1, 2021
Elon Musk commented on Bitcoin
Musk made his views on Bitcoin during a discussion with Andressen Horowitz and other leading investors.
Tesla CEO added the word “Bitcoin” to his Twitter bio on Jan. 29, triggering a sudden 20 percent jump in the BTC price.
After this incident, Bitcoin investors and enthusiasts expected positive comments from Musk about crypto in general.
Musk requests a Bitcoin comment he answered:
“I think Bitcoin is a good thing. I’m a supporter. I think Bitcoin is on the verge of wider acceptance by traditional finance.”
So why did the Bitcoin price drop?
Bitcoin price dropped nearly 3 percent after Musk’s comment on the largest cryptocurrency.
There could be two reasons for this decline: Some may have waited for Musk to reveal his Bitcoin savings, or the market may have taken this statement with a “sell the news” approach.
Bitcoin price started to show weakness after the Elon Musk impact on Friday. Crypto money has increased close to 4 percent in the last 24 hours and is trading at around $ 34,500. Investors are closely watching the 34,500-35 thousand technical resistance that must be broken to prevent further declines in the short term.