Tesla CEO Elon Musk said in a February 1 conversation at Clubhouse, Bitcoin (BTC) is about to see wider acceptance.

The club is an exclusive voice chat platform for social media. Participants can participate in various conversations, similar to a private internet conference.

Elon Musk publicly comments on Bitcoin
During a conversation with Andreessen Horowitz and other prominent investors, Musk was asked what he thought of Bitcoin.

On January 29, Musk posted the word “bitcoin” in his biography on Twitter, causing the bitcoin price to rise by more than 14% in 30 minutes.

Then, Bitcoin investors and enthusiasts eagerly awaited positive feedback on Musk cryptocurrency in general.

When asked about Bitcoin, Musk said, according to industry leaders who can listen to the chat:

“I really think Bitcoin is good. I’m a bitcoin supporter. I think Bitcoin is about to gain widespread acceptance in the traditional economy.”
Industry leaders were generally positive about Musk’s comment on Bitcoin. James Todard, Partner at Greymatter Capital, said:

“One of the most forward-thinking inventors of our time has skipped Bitcoin. At the club, elonmusk only talks about a friend who presented him with a bitcoin-shaped cake in 2013. Despite the fact that Elon was” late to the party “, he thinks Bitcoin is about to be accepted into Financial field. ”
Dan Tabiro, a partner at 10T Holdings, shares a similar view. He said the richest man in the world, a Bitcoin spokesperson, was “feeling good”. Tabiro wrote:

“Somehow it’s nice that elonmusk, a #Bitcoin supporter about my age, is the richest person in the world. I’m tired of Gates / Buffett / Bezos … Old men who have outdated tech or don’t have technology but not Bitcoin., For example. For example, Generation Z may have hope. ”
As reported by Cointelegraph, prominent bitcoin investors such as billionaire Tim Draper have asked Musk and his companies like Tesla to accept BTC directly, which will give Bitcoin a major boost in global awareness.

So why did Bitcoin drop instead?
Bitcoin is down nearly 3% after Musk commented on the dominant cryptocurrency.

There are two reasons for the decline in the Bitcoin price after Elon spoke about Bitcoin. First, some might have expected Musk to reveal bitcoins.

Second, the market could have reacted to the “sell news” offer, since the small pullback occurred only minutes after Musk’s comments were posted.

As Cointelegraph reported, Bitcoin has fallen to $ 38,000 on Friday since the “Elon Pump”. Traders are now watching the technical resistance of $ 34,500 and $ 35,000, which should be broken to avoid further short-term dips.

Source: CoinTelegraph