Elon Musk, CEO of Tesla (NASDAQ: TSLA) has reaffirmed his support for Bitcoin (BTC) despite the first cryptocurrency surpassing $20,000 and facing the risk of additional fall.
For instance, Musk said in a tweet on November 14 that Bitcoin will certainly survive the bear market, but that it would be a long time before the asset reaches its full potential.
Notably, Musk was replying to a tweet by the American entrepreneur Jason Calacanis, who questioned Bitcoin’s future prospects after the cryptocurrency’s price dropped from $69,000 a year earlier.
Musk has been a longtime proponent of cryptocurrencies, with his electric car manufacturing firm electing to include Bitcoin on its balance sheet. However, Tesla abandoned their Bitcoin approach due to the environmental effect of the currency.
Musk’s current stance follows his call for investors to prioritise Bitcoin, Ethereum (ETH), and Dogecoin (DOGE).
“There is likely a future for Bitcoin, Ethereum, and DOGE. I cannot speak for the others. But if you have one of these three in a cold wallet and away from an exchange, I believe it will work out,” he added.
The most recent market meltdown followed a substantial fall in the cryptocurrency industry in response to a liquidity bottleneck at the FTX exchange and charges of funds misappropriation against controversial CEO Sam Bankman-Fried.
Intriguingly, when Bankman-Fried was under fire for his part in the FTX bankruptcy, Musk expressed his view on the company’s founder. As recounted by Finbold, Musk confessed that while he had never heard of Bankman-Fried, his ‘bullshit meter was redlining’ during their first encounter.
Despite Musk’s support for Bitcoin, bears and bulls continue to battle over the commodity. At the time of writing, Bitcoin was trading for $16,700.
Bitcoin has emerged as one of the most impacted assets, with the market as a whole seeing strong selling pressure. As a result, the market lost $180 billion in the capital due to continuing uncertainty.
Also Read: Visa Discontinues FTX Debit Card Service
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