Written by 10:21 am Bitcoin

Elon Musk is confident Bitcoin ‘will make it’, but warns it ‘might be a long winter’

Elon Musk is confident Bitcoin 'will make it’, but warns it 'might be a long winter'

Tesla (NASDAQ: TSLA) CEO Elon Musk has extended his support for Bitcoin (BTC) despite the maiden cryptocurrency breaching the $20,000 position while facing a threat of further correction. 

In particular, Musk has asserted that Bitcoin would likely survive the bear market but stressed that it would be long before the asset realizes its full potential, he said in a tweet on November 14. 

Notably, Musk was responding to a tweet by American entrepreneur Jason Calacanis who questioned Bitcoin’s future prospects after correcting from $69,000 a year ago. 

Musk support for Bitcoin

It is worth noting Musk has been a long-term cryptocurrency supporter, with his electric vehicle manufacturing company opting to have Bitcoin on its balance sheet. However, Tesla abandoned its Bitcoin strategy citing the asset’s environmental impact. 

Musk’s latest stand comes after he urged investors to focus on Bitcoin, Ethereum (ETH), and Dogecoin (DOGE). 

“I think there probably is a future for Bitcoin, Ethereum, and DOGE. I can’t really speak to the others. But if you’ve got one of those three in a cold wallet and off an exchange, I think my guess is it works out well,” he said. 

The latest market crash follows the cryptocurrency sector’s significant correction following the FTX exchange liquidity crunch accompanied by allegations of funds misappropriation by embattled CEO Sam Bankman-Fried. 

Musk’s take on Bankman-Fried

Interestingly, with Bankman-Fried facing the heat over his role in the FTX collapse, Musk shared his opinion regarding the founder. As reported by Finbold, Musk had acknowledged that although he had never heard of Bankman-Fried, during their initial interaction, his ‘bullshit meter was redlining.’ 

Amid Musk’s support for Bitcoin, the asset continues to entertain a tussle between bears and bulls. By press time, Bitcoin was trading at $16,700. 

Overall, Bitcoin has emerged among the most hit assets, with the general market undergoing significant selling pressure. Consequently, the market wiped out $180 billion in capital as uncertainty lingers. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

 

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