Elon Musk Reaffirms Confidence in BTC amidst Dip

Elon Musk BTC

On Monday, 13th of November, Elon Musk reassured his millions of fans and followers that his faith in BTC was still as solid as ever. He revealed this in his response to a fan who expressed concerns about the value of BTC plummeting from $69,000 a year ago to $16,000 in 2022. 

In his reply to the fan’s comment, Musk said, ‘BTC will make it, but it might be a long winter.’

However, this may just be the words of an optimistic loyalist. After all, the Tesla tycoon and current Twitter CEO is no stranger to making controversial statements on the bird app.  

Earlier this year, Musk sold Tesla BTC shares after he had assured fans that Tesla would never sell its shares just over a year ago in 2021.

Nevertheless, it is also noteworthy that Musk has always been pro-crypto and has shared support for Bitcoin severally through various channels. Admittedly, some of his revelations may be somewhat controversial.

A while ago, Musk mentioned that BTC was his safe word, and two years after that, he noted that Dogecoin (a meme cryptocurrency) was now a legal tender for Tesla transactions.

But, considering recent downtrends in crypto, many crypto enthusiasts wonder whether his statement about BTC redeeming its image after a long winter holds water. Nevertheless, Musk may have triggered an upward spike in BTC as its value rose from about $16,000 to $17,000 a few days after he had made this comment.