Elon Musk is Optimistic About Bitcoin
- Bitcoin is far from its all-time high, but Musk expects it to survive the bear market.
- Musk has remained active since the FTX saga, revealing that he rejected Sam Bankman-Fried’s offer to help him purchase Twitter.
New Twitter CEO and crypto enthusiast Elon Musk is optimistic that Bitcoin will return to its full strength despite being at one of its lowest points. Like the rest of the market, Bitcoin was weakened by the FTX saga, which continues to dominate the headlines.
In a tweet, Musk wrote, “Bitcoin will make it, but it might be a long winter.” His comments might have sparked fresh hope in the hearts of his followers, who have been distraught by Bitcoin’s performance in this bear market.
BTC will make it, but might be a long winter
— Elon Musk (@elonmusk) November 14, 2022
Musk’s comments came in response to questions about Bitcoin’s future. About a year ago, the foremost cryptocurrency traded at an impressive all-time high of $69K. But according to Coinmarketcap, Bitcoin currently trades at $16,601.35.
Despite the recent criticism he has faced, Musk has remained active in topics involving the crypto industry. The billionaire recently commented on the FTX collapse. The Tesla CEO said he rejected Sam Bankman-Fried‘s offer to help fund his Twitter acquisition. Musk said the now disgraced FTX founder set off his ‘bulls**t meter.”
While speaking in a Twitter Spaces audio chatroom, Musk claimed he had never heard of the 30-year-old SBF. Musk said close sources informed him of Bankman-Fried’s desire to bankroll the purchase. He said,
But then I got a ton of people telling me [that] he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal. And I talked to him for about half an hour. And I know my bulls**t meter was redlining. It was like, this dude is bulls**t – that was my impression.
Musk shared more details about his impressions of Bankman-Fried, adding that he felt “there’s something wrong, and he (Bankman-Fried) does not have capital, and he will not come through. That was my prediction.”
Meanwhile, FTX announced on Saturday that it observed “unauthorized transactions.” Several analysts revealed that assets worth millions of dollars were withdrawn from the collapsed exchange.
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