Elon Musk's Three-Year Anniversary as a Bitcoin Supporter

Forbes contributor @pete_rizzo_ has highlighted Elon Musk's first public endorsement of Bitcoin, marking a three-year anniversary. On February 1, 2021, Musk expressed his support for Bitcoin during an interview on the social app Clubhouse. The tech mogul, then late to the party, stated, "I do at this point think Bitcoin is a good thing. I’m late to the party, but I am a supporter of Bitcoin."

Impact on Bitcoin's Price and Tesla's Bitcoin Endeavors

Following Musk's statement, the price of Bitcoin surged by over $1,000, reaching over $34,500. Tesla, under Musk's leadership, made a significant move by announcing on Twitter that it would accept Bitcoin as payment for its electric cars. Additionally, Tesla invested $1.5 billion in Bitcoin, boosting the cryptocurrency's value to new heights, exceeding $58,700 in early April 2021.

However, Musk later suspended Bitcoin payments for Tesla vehicles, citing environmental concerns related to the proof-of-work mining process. He proposed the resumption of Bitcoin payments when more than 50% of Bitcoin mining shifted to green energy sources. Despite claims by Bitcoin evangelist Michael Saylor that this threshold was reached in 2021, Tesla has yet to reinstate Bitcoin payments and has gradually sold Bitcoin from its balance sheet. In 2022, Musk acknowledged holding Bitcoin, along with Ethereum and Dogecoin.

Mixed Journey of Musk and Bitcoin

Elon Musk's journey with Bitcoin has been characterized by both support and skepticism. While his initial endorsement had a positive impact on Bitcoin's value and adoption, subsequent actions and statements created volatility and uncertainties in the crypto community.

As Elon Musk's three-year anniversary as a Bitcoin supporter is commemorated, the crypto community reflects on the notable events and impact of Musk's involvement with the leading cryptocurrency.