Today marks the anniversary of Elon Musk’s first public endorsement of Bitcoin on social media, during which the premier cryptocurrency has seen its value surge by over 1,000%.
Six years ago, Bitcoin was trading as low as $6,400. Around this time, renowned tech billionaire Elon Musk made a witty comment on X (formerly Twitter), asking a commenter if they would like to buy some Bitcoin.
This was the first instance of Musk mentioning “Bitcoin” on his social media account. At the time, Bitcoin was even in a bear market, and its price subsequently dropped around $3,000 a few weeks later.
Bitcoin Records 10X Surge Since Musk’s Mention
Fast forward to today, and the price of Bitcoin has increased more than tenfold since Musk’s initial mention. Prominent figures in the crypto space have continued to commemorate this moment, noting how significantly Bitcoin’s value has surged over the past six years.
In a post on X today, Pete Rizzo, an editor at Kraken, highlighted Musk’s historic mention. He suggested that Musk subtly encouraged the public to consider investing in Bitcoin six years ago, and this has resulted in over 1,000% gains for those who acted on it.
✨ Elon Musk telling you to buy #Bitcoin at $6,000, exactly 6 years ago.
Up 1,000% ever since 💫 pic.twitter.com/1UqsyODZqv
— The Bitcoin Historian (@pete_rizzo_) October 22, 2024
Bitcoin reached an all-time high of $73,750 in March, representing approximately 1,052% growth from the October 23, 2018, low of $6,400 when Musk made his endorsement. While Bitcoin trades at $67,500 today, it still reflects a massive gain of over 900%,
Elon Musk Holding Bitcoin
Notably, over the years, Elon Musk reinforced his endorsement of Bitcoin, especially when his car company, Tesla, began accepting it as payment for electric cars in 2021. Before this announcement, Musk clarified that he is not an investor but an engineer and that he owns no stocks except for Tesla.
Given Bitcoin’s potential as an alternative form of money and a store of value, Musk emphasized that in an environment where fiat currencies have negative real interest rates, it makes sense to explore alternatives like Bitcoin. He acknowledged that while Bitcoin has its flaws, it remains a worthwhile option.
However, Tesla later discontinued accepting Bitcoin as payment for electric cars. Yet, the company continues to hold 9,720 BTC, worth over $699 million, which remains unsold.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.