Using the new social media app called clubhouse the CEO of Tesla said: "I am late to the party but I am a supporter of Bitcoin." Mr Musk then went on to say the world's preeminent cryptocurrency was on the verge of being accepted by the mainstream financial industry. The Tesla CEO was speaking to Andressen Horowitz, Sriram Krishnan, Marc Andreessen, Steven Sinofsky, Aarthi Ramamurthy, and Garry Tan on the new app that users must have an invite to use.
Musk was asked about his thoughts on Bitcoin and then said: “I do think Bitcoin is a good thing.
"I’m a supporter of Bitcoin."
He added: "I think Bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people.
"I don’t have a strong opinion on other cryptocurrencies.”
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This comes as a blow to dogecoin which gained the favour of cryptocurrency investors after Mr Musk mentioned it on his Twitter.
Mr Musk said dogecoin was “made as a joke" but said it would be an “entertaining and ironic outcome" if it becomes the currency of earth in the future.
He added: “Fate loves irony."
Mr Musk was asked to buy Bitcoin in the past but failed to do so.
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He said: “Many friends of mine have tried to convince me to get involved in Bitcoin for a long time."
The Bitcoin price shot up last week after Mr Musk changed his Twitter bio to "#bitcoin".
He then posted: "In retrospect, it was inevitable."
In early January Mr Musk also responded to a tweet by Ben Mezrich, the writer of Bitcoin Billionaires, that said, "I’m never turning down getting paid in Bitcoin again".
To this Musk replied: "Me neither."
About the current endorsement from Mr Musk, technology investor and former Coinbase chief technology officer Balaji Srinivasan said on Twitter: "Bitcoin will become the flag of technology.
"All web services could gradually get rebuilt on crypto.
"We’re going back to our roots.
"Encryption, privacy, peer-to-peer, the rights of the individual, free expression, and decentralization of power."
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