by Rushali 
Elon Musk, the CEO of Tesla, said that Bitcoin (BTC) is on the verge of seeing broader acceptance, on Feb 1 in a Clubhouse conversation.
The clubhouse is an exclusive audio chat social media platform that is invite-only. Members can join various conversations, akin to an online private conference.
Also Read : Elon Musk added Bitcoins in his Twitter bio
Andressen Horowitz and other prominent investors, has asked Musk about his thoughts on Bitcoin during the conversation.
On Jan. 29, Musk put the word “Bitcoin” in his Twitter bio, causing the price of BTC to rally by more than 14% in 30 minutes.
After that investors were expecting some positive comments from the CEO.
Musk said: “I do think Bitcoin is a good thing. I’m a supporter of Bitcoin. I think Bitcoin is on the verge of getting broad acceptance by conventional finance.”
Dan Tapiero, a partner at 10T Holdings said that;
“Somehow it feels good that @elonmusk, a Bitcoin supporter near my age is the richest man in the world. Was getting tired of Gates/Buffett/Bezos…older guys in old tech or no tech and not bitcoin. With an iconoclast and a visionary as an example maybe there is hope for Gen Z.”
Also Read : HODL Meaning in Crypto
However, the price of BTC has dropped around 3% immediately after Musk commented about the dominant cryptocurrency.
The reason behind this is that some may have anticipated Musk to disclose his Bitcoin holdings. And the market has reacted with a minor pullback to the news.
The price of Bitcoin has been showing weakness since the “Elon pump” to $38,000 on Friday. Traders are now closely watching technical resistance at $34,500 and $35,000 that must be broken to avoid more downside in the short term, the Cointelegraph reported.
Now, the market may see a bullish rally after the news.
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