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Bitcoin On The Verge Of Being Widely Accepted Mode Of Payment

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Cryptocurrency is becoming a popular tender when transacting businesses after it first surfaced as open-source decentralized software in 2009. CEO of Tesla Inc and Billionaire Elon Musk during his debut on the invitation-only app Clubhouse disclosed on Monday that cryptocurrency especially the bitcoin is “on the verge” of being more widely accepted among investors as he expressed his support for the cryptocurrency in a chat on social media app Clubhouse that drew thousands of listeners.

The comments followed his use of the “#bitcoin” tag on his Twitter profile on Friday, which pushed the cryptocurrency up 14%. The CEO stated that “I am a supporter of bitcoin, and I was a little slow on the uptake,” adding he should have bought it eight years ago.

The billionaire further added that “I think bitcoin is on the verge of getting broad acceptance by conventional finance people.” Bitcoin last traded up 3.7% at $34,390, having surged over 300% in 2020.

On the wide-ranging chat, Musk discussed memes, Mars, his companies, and vaccines, among other topics. He also interviewed Vladimir Tenev, co-founder of online stock broker app Robinhood, which is under fire for blocking retail investors from purchasing GameStop stock.

GameStop stock surged some 400% in the past week after retail investors banded together to buy shares in the U.S. video game retailer, sending hedge funds scrambling to cover losing bets.

Tenev said the market rumour was untrue that Citadel Securities - the market-making arm of billionaire hedge-fund manager Ken Griffin - had pressured Robinhood into blocking retail investors.

“That’s just false,” Tenev said, adding that Robinhood temporarily halted trading to meet regulatory capital requirements.

Musk also chatted about COVID-19 vaccines, saying he expected an avalanche of them soon. He added that authorities should focus on giving out the first dose of vaccines soon and worry about the second shot later, to speed things up.

 

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