Bitcoin is one of the most discussed topics during this year. The price of Bitcoin reached the $40,000 mark last month. The Billionaire CEO of electric car manufacturer Tesla Elon Musk said that he believes Bitcoin is on “the Verge” of breaking into the traditional monetary system.

Elon seems to be finally settling with Bitcoin after spending many years studying and observing the decentralized currency system. He appeared in many discussions over social media with his comments on Bitcoin and few other cryptocurrencies.

Last month he revealed that he is welcoming to be paid in Bitcoin (BTC). Elon Musk has changed his Twitter bio to state “#Bitcoin.” This lead price of Bitcoin to be pumped by $8,000. However, according to Forbes, Elon gave an official statement on 31st January on the audio chat app Clubhouse.

“I am a supporter of bitcoin. I am late to the party but a supporter. Bitcoin is on the verge of getting broad acceptance by traditional finance people,” he said to his audience.

He also mentioned that he does not have a strong opinion on other cryptocurrencies. With Elon Musk adding the hashtag to his bio, the asset’s price went skyrocketing.

Elon Musk (Twitter)

He added, “I have to be careful what I say, it can affect the market.”

Musk says that he sees crypto as an effective replacement for cash but not a replacement for a primary. Bitcoin can only process seven transactions per second at the moment. This is merely not enough to facilitate the transactions that happen around the world. With that being said Bitcoin can work together with other traditional fiat currencies side by side. Bitcoin also can provide a hedge against inflation. However, it is still a question about Musk’s investments in Bitcoin. Musk is believed to be holding around 0.25 in Bitcoin.