Elon Musk, technology tycoon and founder of Tesla, has set forth his belief that Bitcoin (BTC), the original cryptocurrency will make it but the financial winter could last a while following recent events in the ecosystem.
Elon Musk Shared His View That BTC Will Make It
Elon Musk’s response was made in reference to a comment about BTC’s previous all-time high of $69,000 last year and seeking where the price of BTC might be one year from now. The world’s richest man expressed his optimistic stance on the future of BTC tweeting that digital currency will make it, however, it might be a long winter. In the finance world, winter is a popular phrase used to describe a prolonged period of time where market prices are stagnant or falling.
The billionaire, who recently acquired social media giant Twitter and is the co-founder of Tesla and SpaceX, has personally owned BTC and thinks it will rebound in the long run. Tesla’s latest filing with the SEC stated that its holding reached almost $2 billion in BTC alone. Musk has proven its undeniable influence on the market and gained traction in the world of cryptocurrency.
Musk has commented favorably on BTC on several occasions and believes that it is suitable as a store of value. Even with Tesla’s selling a portion of BTC, he emphasized that they plan to increase their BTC holdings in the near future. Adding that the recent move shouldn’t be interpreted as a reduction in our long-term confidence in the crypto markets.
At the time of writing, BTC was trading at $16,705.05, up by 5.03% in the last 24 hours.
Elon Musk Reveals His Personal Thoughts On Sam Bankman-Fried
Elon Musk is confident that BTC will be fine despite the recent implosion of FTX. His opinion of blockchain technology seems to have remained unchanged even with the sudden turbulence in the crypto market. Musk said he was approached by the former chief of FTX, Sam Bankman-Fried, for Twitter funding. One of his advisers contacted him to say that Bankman-Fried had offered to contribute $3 billion and Musk turned down a meeting with the former crypto billionaire after giving off some red flags. Musk further stated that Bankman-Fried was more about flash and less about substance.
As the repercussions from the collapse of Sam Bankman-Fried’s FTX empire continue to rumble in the markets, on the other hand, it will force exchanges to realign their business models toward effective risk and sound management.
