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Wealth preservation will force Elon Musk to buy Bitcoin, pundits assert

Bitcoin 2021/01/12 15:23 by Adrian Klent
Wealth preservation will force Elon Musk to buy Bitcoin, pundits assert

If you’ve been paying attention to Crypto-Twitter where Elon Musk is either trending for making sarcastic jokes about Bitcoin or posting about anything from space-tech to anime, then it’s not news to you that the billionaire has snatched the position of the world’s richest man from fellow Billionaire Jeff Bezos, who held the position since 2017.

Musk, who was barely among the list of top 50 richest people in 2020, now has a staggering worth of $184 billion, thanks to the rise of his company’s shares in Tesla. The electric vehicle maker surpassed Facebook’s stock a few days ago, by more than 7% in gains, bringing its market cap to nearly $800 billion.

Musk who reacted to his newly acquired wealth with “How strange, well back to work” has been the talk of fintech Twitter, especially Crypto-Twitter. Amid several congratulatory messages, Crypto-Twitter started a conversation about the best wealth preservation strategy Musk could employ going forward, and although the CEO had previously denied owning Bitcoins, Bitcoiners are predicting that soon enough, Musk will have no choice but to buy into Bitcoin.

Last year saw a few Billionaires make a bullish move into the cryptocurrency market as inflation catapulted. And as the U.S government continues to print more money, inflation will not be a thing of the past anytime soon, and the wealthy are less likely to have an alternative choice besides Bitcoin which is already outperforming “gold”, a long-time industry favourite. 

If Musk decides to take the dive into Bitcoin, Crypto-Twitter will be set ablaze. A bullish price rally is likely to follow an adoption that is certain to skyrocket, but to many industry players, it will come as no surprise. Seeing that fiat has continued to lose its value, Bitcoin seems like the best bet for the billionaire entrepreneur.

Industry players shared their take regarding this saying; 

“When Elon musk buys Bitcoin, it will be because he knows Bitcoin is interplanetary money. We’re going to have a fucking side-chain on Mars. 

The moon is not even far enough.”

Another Bitcoiner had this to say ;

“Congrats Elon musk for becoming the richest man on earth. Now buy Bitcoin to preserve that wealth, otherwise Michael Saylor is going to flip you in 2022.”

Meanwhile, Grayscale’s Barry Silbert is already certain that the billionaire already has some Bitcoins in his possession. “Twitter is going to absolutely lose it’s shit when Elon/Tesla disclose bitcoin holdings,” he tweeted.

And surprisingly, Elon Musk’s recent response to receiving payment in Bitcoin may be a hint that he is already in the business of buying Crypto. When the author of the Bitcoin-centered movie “Accidental billionaires” took to Twitter to say that he’d never turn down getting paid in bitcoin again, Musk replied with “me neither.”

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