Elon Musk believes in Bitcoin but cautions about longer crypto winter…

In his recent tweet, Tesla owner Elon Musk indicated that Bitcoin will prevail but it will be a long winter. The tweet was made in a response to another tweet asking the community to anticipate the BTC price in the next Year.


Musk’s reply,

It’s now a well-known apprehension that whenever the Billionaire tweets something transpires in the market and so it did this time be it traditional or crypto, the influence of Elon Musk is everywhere. Bitcoin observed a soar after the tweet from Musk. At the time of writing, the BTC price revolved around $16, 689.

To signify why the importance of this tweet, let’s start by analyzing the involvement of Musk in the crypto world. The recent acquisition of Twitter and Musk backing dogecoin suggest a strong use case for crypto utility on the platform. Considering the recent revelations from the company regarding their BTC and Dogecoin holdings despite selling major BTC a few times ago suggests that Musk is in it for the long run.

Despite the FTX tumble, the billionaire suggests the crypto community hold on to their funds and use a directly-accessible cold wallet instead of an exchange. It remains to see how the events turn out in the crypto world as these next few weeks are crucial from investors’ perspective.

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