Elon Musk Says He Supports Bitcoin; Institutional OTC Deals Rise

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It is official. Elon Musk supports Bitcoin. The Tesla and SpaceX founder called the flagship cryptocurrency “a good thing,” adding that it is on the “verge of getting broad acceptance by conventional finance” as he responded to Andressen Horowitz and other prominent investors during a Clubhouse Conversation meetup on February 1. BREAKING: @ELONMUSK CONFIRMS HE SUPPORTS #BITCOIN NOW!!!!! pic.twitter.com/bEBjkOAuQe — MMCrypto (@MMCrypto) February 1, 2021 Big Boost Mr. Musk’s statements served as one of the biggest and most influential endorsements for Bitcoin, a financial asset ridiculed mostly by traditional financial experts, some of them calling it from a “greatest bubble of all times” to “the mother and father of all scams.” But the coronavirus pandemic shifted many views towards cryptocurrency. A super-accommodative Federal Reserve, ultralow interest rates, and more than $3 trillion worth of stimulus aid have underpinned much of the Bitcoin buying enthusiasm during the previous 11 months. Most…

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