Elon Musk comments on Bitcoin price collapse, says it 'will make it'

Twitter owner Elon Musk has commented on the current cryptocurrency space as well as the future of Bitcoin despite its recent downfall.

Elon Musk comments on Bitcoin price collapse, says it 'will make it'
Published Nov 15, 2022 12:03 AM CST
2 minutes & 5 seconds read time

SpaceX and Tesla CEO Elon Musk has commented on the current climate of the cryptocurrency space as well as the future of Bitcoin.

Following the massive collapse of the world's second-largest cryptocurrency exchange FTX, Twitter owner Elon Musk has begun to show some interest in the cryptocurrency space, first mentioning that the events of the FTX collapse are being tracked in real-time on Twitter and now commenting on Bitcoin specifically.

It was only a few days ago that Musk confirmed that former FTX CEO Sam Bankman-Fried (SBF) contacted Musk regarding his bid to purchase Twitter back in March, with Musk writing on his Twitter on November 12 that he questioned if SBF actually had the $3 billion he was offering and that he "set off my bs detector".

The collapse of the world's second-largest cryptocurrency exchange caused many digital asset holders to lose faith in cryptocurrency exchanges, which resulted in large swaths of Bitcoin being sold and pulled off exchanges. This digital bank run conducted on FTX caught the company with its metaphorical pants down as it showed that SBF had been mishandling user assets, causing even more fear, uncertainty, and doubt to plague the cryptocurrency industry.

Now, Musk has commented on a Tweet that illustrates that Bitcoin is currently sitting at around $16,000, nearing the $17,000 price point at the time of writing, and that a year ago (November 2021) it was worth its all-time high price of $69,000. The Tweet that Musk commented on asked where Bitcoin would be another year from now, to which Musk replied, "BTC will make it, but might be a long winter".

Musk seems to still have faith in Bitcoin despite its price continuously spiraling down. However, given the current economic climate, mass layoffs hitting the majority of big tech companies, Twitter included, and the overall fear in the market, Musk seems to believe that Bitcoin has a long haul in front of it to get back to where it was. On a more amusing note, a Twitter user replied to Musk's Tweet about Bitcoin "making it" saying that he spelled Doge wrong. Musk replied to that tweet and said, "that goes without saying".

In other cryptocurrency news, on-chain analytics firm Glassnode has reported that Bitcoin withdrawals from exchanges has reached a 17-month high. More on that story can be found below.

NEWS SOURCE:twitter.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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