Elon Musk, the world’s richest man, has recently stated that Bitcoin (BTC) could overcome its challenges, but that it may take a while to do so.
In a recent exchange of tweets on Elon Musk’s newly acquired Twitter, Musk stated that Bitcoin can overcome its current challenges. According to Musk, BTC will survive amidst all the recent controversies regarding cryptocurrencies.
Initially, Jason Calacanis, who is an angel investor and philanthropist, said that Bitcoin is now $16k, compared to $69k, where Bitcoin was one year ago today. Given this huge decline in the price, he then asked his audience where they think BTC would be one year from today.
Shortly after, Elon Musk added to the thread by stating that BTC is going to “make “it”. But, Elon Musk acknowledges that the bear market could rather last quite a while.
Understandably so, the market is currently in a bear run. Given historical patterns, it is unlikely for BTC to recover quite so soon given the price decline. Moreover, historically, BTC has not performed well during the first quarter of a year ever since it was created.
Either way, shortly after Elon Musk’s tweet, the price of BTC increased by 6%, suggesting once again that this man is currently one of the most influential people in the crypto space.
Tensions to BTC also rise given recent events related to FTX that have caused major FUD in the market.
Of course, Elon Musk maintains his support for Dogecoin (DOGE). In the same thread, Musk went on to jokingly imply that he had misspelled “doge” wrong while typing BTC.