Saudi Press

Saudi Arabia and the world
Tuesday, Jan 13, 2026

Elon Musk: Bitcoin On ‘The Verge Of Broad Acceptance’

Elon Musk: Bitcoin On ‘The Verge Of Broad Acceptance’

Elon Musk, the billionaire chief executive of electric car-maker Tesla TSLA -5%, has said he thinks the soaring cryptocurrency bitcoin is on "the verge" of breaking into traditional finance.
Musk, who revealed last month he is open to being paid in bitcoin, made the comments during a wide-ranging interview on the app Clubhouse that also covered manned missions to Mars and Musk's implantable brain–machine interface Neuralink.

"I do at this point think bitcoin is a good thing," Musk told a packed Clubhouse chat room, adding he doesn't "have a strong opinion on other cryptocurrencies."

"I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people."

Musk's comments put him at odds with many global central bankers and regulators who have recently warned bitcoin is primarily used for illicit purposes and to launder money.

Musk said that people had tried to get him involved in bitcoin in the past, going back as far as 2013, when bitcoin was worth a fraction of what it is now—trading at under $100.

The bitcoin price has soared around 200% since October, surging to over $40,000 per bitcoin before falling back slightly. The blistering bitcoin rally has largely been put down to institutional investors warming to the cryptocurrency and payments giants such as PayPal PYPL -1.5% adding their support—though bubble fears have emerged.

Last week, Musk—whose tweets about bitcoin and joke cryptocurrency rival dogecoin often move the market—sent the bitcoin price sharply higher when he gave bitcoin a long-awaited tacit endorsement following restrictions being placed on the trading of company shares that have become a battleground for bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have long been shorting the stocks.

"I have to be careful what I say, it can affect the market," Musk said via Clubhouse, addressing the power of his near-45 million followers on Twitter.

"The most entertaining outcome... would be that dogecoin becomes the currency of earth in the future. Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony."

The bitcoin price, after dipping under $30,000 per bitcoin last week, suddenly leaped 20% higher last week after Musk changed his Twitter bio to "#bitcoin" and posted: "In retrospect, it was inevitable."

The bitcoin price has fallen back since Musk's tweet, giving up almost all its short-lived gains.

Musk's latest Clubhouse comments have so far failed to move the bitcoin price, with expectations high ahead of the interview that he might have been readying a Tesla-related bitcoin announcement.

In December, Musk sparked speculation his electric car company could add bitcoin to its balance sheet during a public exchange on Twitter when he asked whether it was possible to convert billions of Tesla's dollars to bitcoin.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Trump Designates Saudi Arabia a Major Non-NATO Ally, Elevating US–Riyadh Defense Partnership
Trump Organization Deepens Saudi Property Focus with $10 Billion Luxury Developments
There is no sovereign immunity for poisoning millions with drugs.
Mohammed bin Salman’s Global Standing: Strategic Partner in Transition Amid Debate Over His Role
Saudi Arabia Opens Property Market to Foreign Buyers in Landmark Reform
The U.S. State Department’s account in Persian: “President Trump is a man of action. If you didn’t know it until now, now you do—do not play games with President Trump.”
CNN’s Ranking of Israel’s Women’s Rights Sparks Debate After Misleading Global Index Comparison
Saudi Arabia’s Shifting Regional Alignment Raises Strategic Concerns in Jerusalem
OPEC+ Holds Oil Output Steady Amid Member Tensions and Market Oversupply
Iranian Protests Intensify as Another Revolutionary Guard Member Is Killed and Khamenei Blames the West
President Trump Says United States Will Administer Venezuela Until a Secure Leadership Transition
Delta Force Identified as Unit Behind U.S. Operation That Captured Venezuela’s President
Trump Announces U.S. Large-Scale Strike on Venezuela, Declares President Maduro and Wife Captured
Saudi-UAE Rift Adds Complexity to Middle East Diplomacy as Trump Signals Firm Leadership
OPEC+ to Keep Oil Output Policy Unchanged Despite Saudi-UAE Tensions Over Yemen
Saudi Arabia and UAE at Odds in Yemen Conflict as Southern Offensive Deepens Gulf Rift
Abu Dhabi ‘Capital of Capital’: How Abu Dhabi Rose as a Sovereign Wealth Power
Diamonds Are Powering a New Quantum Revolution
Trump Threatens Strikes Against Iran if Nuclear Programme Is Restarted
Why Saudi Arabia May Recalibrate Its US Spending Commitments Amid Rising China–America Rivalry
Riyadh Air’s First Boeing 787-9 Dreamliner Completes Initial Test Flight, Advancing Saudi Carrier’s Launch
Saudi Arabia’s 2025: A Pivotal Year of Global Engagement and Domestic Transformation
Saudi Arabia to Introduce Sugar-Content Based Tax on Sweetened Drinks from January 2026
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Not Only F-35s: Saudi Arabia to Gain Access to the World’s Most Sensitive Technology
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia Urges Stronger Partnerships and Efficient Aid Delivery at OCHA Donor Support Meeting in Geneva
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
Saudi Arabia Positions Itself as the Backbone of the Global AI Era
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
×