The CEO of Tesla and SpaceX, Elon Musk has finally declared his support for the largest cryptocurrency, Bitcoin.

He said in a Clubhouse interview that although he is late in supporting the crypto, he is now a follower. He said ‘ I do at this point think Bitcoin is a good thing.’

‘I am a supporter of Bitcoin. I am late to the party but a supporter,’ he said.

His declaration of support for Bitcoin came few days after he updated his Twitter bio with ‘Bitcoin.’ This action affected the price of Bitcoin positively. Bitcoin added $8000 in value and increased by over 15%.

Elon Musk also expressed his optimism that it won’t be long, the traditional finance people will soon join the Bitcoin frenzy.

‘Bitcoin is on the verge of getting broad acceptance by traditional finance people’ he said.

The richest man on earth, however, declined to state his position on other cryptocurrencies during the interview, stating that his opinions can affect the market.

‘I have to be careful what I say, it can affect the market,’ he said.

Musk’s tweets are renowned for driving prices in the crypto markets, especially his favourite crypto DogeCoin. His past comments on DogeCoin drove it up significantly by up to 613% recently.

He said said the most entertaining thing would be DogeCoin becoming the currency of the earth in the future.

“The most entertaining outcome… would be that dogecoin becomes the currency of earth in the future. Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony,” he said.

However, his recent comment on Bitcoin during the Clubhouse interview did not have the expected effect on the cryptocurrency.