According to Jan3 CEO Samson Mow, Tesla’s CEO Elon Musk is expected to become more heavily involved in Bitcoin this year. Mow made this announcement on January 10 via the social media platform X, listing several predictions for 2024, including a forecast that Bitcoin’s value could surge to $1.33 million and that the stock of MicroStrategy (NASDAQ:MSTR) might soar to $5,000.
Elon Musk has a well-documented history with Bitcoin, having briefly accepted it as payment for Tesla vehicles in 2021. However, he halted this initiative, citing concerns about Bitcoin mining’s environmental impact. Despite this setback, Musk has remained vocal about his support for cryptocurrencies. In July, he commented that fiat currencies are “hopeless” and indicated that his new political initiative, the America Party, would “embrace Bitcoin.” In another statement from November, Musk suggested that “energy is the true currency” and framed Bitcoin as fundamentally tied to energy.
Musk’s influence on cryptocurrency markets has been significant, particularly illustrated during the meteoric rise of Dogecoin in 2021, which many attribute to his public endorsements.
Adding to this excitement, developments on Musk’s platform X suggest a shift towards more integrated financial features. Nikita Bier, the Head of Product at X, recently announced an upcoming feature called Smart Cashtags. This tool is designed to link stock tickers to real-time price data and discussions occurring on the platform, with indications that it will also accommodate cryptocurrencies. Screenshots shared by Bier indicate support for digital currencies like Bitcoin and others, with a scheduled release for next month.
Linda Yaccarino, the CEO of X, previously hinted in June that the platform aims to roll out in-app trading and investment features, alongside a branded debit card to streamline financial transactions.
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