Why was Musk so late to the party? / or Publically support BTC

[Betwrong]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

I feel like he's been playing around with phrases about Bitcoin for years now, so I'm not sure what you mean by 'so late'. He's just a trickster to me, to be honest, because he can praise or in some other way sympathize with Bitcoin one day, but then say something bearish a couple of months later. If he's currently in the good mood about Bitcoin, it doesn't mean that he's a supporter and won't betray it in the future. Musk is a good inventor, but his position on cryptos seems fluid to me, so I wouldn't pay much attention to it.

Well, it wasn't just words this time. Musk(Tesla) has bought $1.5 Billion in Bitcoin recently(this partially explains his  pro-crypto tweets). Even if he used to be bearish regarding BTC sometimes in the past, I think it will never happen again.

Replying to OP, no, Musk isn't late to the party. The party is only starting to heat up.

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[blckhawk]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

Honestly, I had no idea knowing that it is impossible for him to not hear any news regards it. But I'm gonna take a guess, apparently, he only watched the whole thing, analyzing the market, and more then he realizes to enter the market as it now becoming a trend or either he is busy on making other stuff which we know Elon's been handling a lot of stuff like his cars and rockets. The thing is we don't exactly know what exactly the reasons are that is why I'm kinda having a doubt. Anyway, as OP said, I don't think he is too late to enter or support the market in fact, it is only the beginning.

[bosede1]

That would be answered by him and what he decides to do and when to do it. The timing now too cannot be wrong or said to be late as because the rate at which he invested in is not what we have now there has been a lot of increase so even with him being late to the market he still has profit loading from the investment.

[newwest]

That would be answered by him and what he decides to do and when to do it. The timing now too cannot be wrong or said to be late as because the rate at which he invested in is not what we have now there has been a lot of increase so even with him being late to the market he still has profit loading from the investment.

One thing for sure is that whenever certain coin he wants to increase the price would just tweet any coin name and then prices zoom in few minutes. So, in just a day or so his portfolio will rise by millions in profits if he buys in bulk qty just like what he did with btc. On other hand if he decides to sell the same then price will drop in a big way. But nevertheless, it’s not late to the party in bitcoin this is what I understood it.

[maculeth]

timing, of course, he was waiting for the right timing. maybe if he entered 3 years ago, the bitcoin market would have been controlled by him. Because he came now, while yesterday the market was falling and now being pumped to the extreme during this pandemic, a new trend will be created by Elon Musk. legalization possible? new coins, real use case? we just wait.

[cheezcarls]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

It’s not just him though, but other ones who missed out buying BTC early. But it’s better late than never though. My cousin from the United States even regretted the time he ignored his friend telling him to buy Bitcoin while it’s early. He was never a believer back then, and now his friend is reaping the rewards for deciding to buy Bitcoin early.

[Innerpumper]

It's possible that Musk confirmed the truth of bitcoin and has been quietly analyzing about bitcoin and when bitcoin first printed a new ath there elon arrived on Twitter and then reported some altcoins that are currently popular are doge.

[milani]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

Interesting question. It was really surprising for the society. But in my opinion, it is never too late to invest in Bitcoin or to do steps towards it. In addition to this Musk is a rich busy person and it seems to me that Bitcoin was not his priority for last years. Despite of the fact that he is successful and rich, he is a human like others with his dreams, plans, preferences, choices, mistakes or successful decisions and so on.  Sometimes people change their minds, change their directions and in case it works for personal and general purposes, so it is not late))

[zanezane]

It's possible that Musk confirmed the truth of bitcoin and has been quietly analyzing about bitcoin and when bitcoin first printed a new ath there elon arrived on Twitter and then reported some altcoins that are currently popular are doge.

That took him time? If I were in his shoes, I would have bought when it was still looming the 20k price. I think the reason is that Elon is trying to make the board of some sort in his company Tesla to get on board with the idea of buying bitcoin, I mean Elon's hands are tied when it comes to that, he needs the approval of every stakeholder so there is no problem when things go south with his plan.

[MCobian]

I think Elon Musk was late in supporting Bitcoin because at first he didn't expect Bitcoin to be of the value it is today. I have been familiar with Bitcoin
since 2015, but have not been interested in investing in Bitcoin. Because I also didn't  think Bitcoin would be as valuable as it is today. Moreover,
Elon Musk is a person who is busy with many activities, surely he will not be too focused on learning Bitcoin. There are several statements
by Elon Musk who admitted he regretted not investing in Bitcoin in the first place.

[Betwrong]

Since we are talking about Elon Musk and his support of BTC, as well of some other cryptos, can someone explain this cryptic message from him posted 3 hours ago?



I'm not a Lord of the Rings fan myself, so maybe that's why I can't get it.

EDIT: Never mind. I clicked on it and then saw the whole picture.



So, now it's clear which coin Musk is really supporting.

[mindrust]

My thoughts about Elon still haven't changed even after he declared that he is buying Bitcoin. He is still fucking around. The next level for him is going all-in with Doge probably. Shock after shock for the Tesla holders and everybody else. 

[Similificator]

Obviously, it would be because of the hectic schedule of the person. He has a lot on his plate for God's sake. He can't just go and ignore important business just because of something speculative. I'm pretty sure you get my point. Which is probably the reason why he only took notice of this industry or bitcoin to be precise, when it has already reached bigger numbers. In his work he needs to weigh everything real good before making decisions and risks. Give the guy some slack.

[Taskford]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

Maybe the reason for that is he aren't aware the existence of bitcoin before or he only have little knowledge on it that's why he came out late. Also he had so many businesses that needed to care off and this is the reason why musk came late on buying bitcoins.

But for sure before he enter the market he conduct a good study on it that's why he is so good in terms of creating some big news in this industry.

[Mpamaegbu]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

Maybe he was scared of John McAfee 

On a more serious note, Elon's thing isn't just with Bitcoin. He has been shilling for Dogecoin too. Perhaps, he didn't want any distractions from his innovative electric autos until now. He knows the power of influence, and influence got from wealth. Elon Musk is the current richest being on planet earth. He knows whatever he says now will be taken seriously. That's why he's becoming outspoken now. He waited for his time and now is the right time to make his statement.

[Twinkledoe]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

Maybe he was scared of John McAfee 

On a more serious note, Elon's thing isn't just with Bitcoin. He has been shilling for Dogecoin too. Perhaps, he didn't want any distractions from his innovative electric autos until now. He knows the power of influence, and influence got from wealth. Elon Musk is the current richest being on planet earth. He knows whatever he says now will be taken seriously. That's why he's becoming outspoken now. He waited for his time and now is the right time to make his statement.

Also, I think, he is just like ordinary person like us, he never thought that bitcoin or crypto will be this big as today. So he never thought of investing in bitcoin in its early days. Remember that he said before, he only had 0.25 btc given by his friend. And now, it is worth something though it is just a dust of course when you compare it with his assets. And now, he is seeing the potential of crypto when it comes to future investments.

[Ridwan Fauzi]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

That is means, it's never too late to invest in bitcoin even its price is high already. You can buy bitcoin at any price conditions, you still have a chance to get profit. Many people especially those who just new to invest in bitcoin he wants bitcoin price to fall first so as they can buy at the lower price but it is rare to happen especially when bitcoin price in the bull run market.

I think bitcoin has a real value and this thing can attract many people to believe it. Yeah, there will be many people who will don't believe that bitcoin can stay until now and being interested by most people until now. When I was newbie, I often to read a lot of comment in this forum who said that bitcoin is the future technology and many people will be interested to it, and now it has happened.

[KuromaYoichi]

He has a lot of other business so maybe bitcoin hasn't got his attention until now and if you are looking at the grandscheme of thing he's not actually that late, bitcoin is not mainstream at all, not everyone know what bitcoin is and the number of merchant that accept bitcoin as a payment method is not much. We don't know how much bitcoin will worth if it goes mainstream. he brings support and attention to crypto so i expect good things ahead.

[cr1776]

Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.

Why then was he so late to support BTC?

Perhaps he just woke up. A lot of people should be waking up.  If the social networks and payment networks (e.g. Stripe) can stop the President of the United States from using them, no one is safe, let along a billionaire President.  The fascists and other authoritarians want to shut people without whom they disagree down and do not want to engage in debate.   The simple way is to stop those people from having a platform or being able to fund their speech.

As such, censorship resistant, distributed, p2p platforms such as bitcoin or twister are critical to anyone who cares about liberty.

Hopefully that is something Musk has realized now.

[iTradeChips]

In my opinion, he must have known about Cryptocurrencies for a long time and he is just cautious as to how companies and big tech will respond to it. It gave him many years in studying, analyzing, and checking the market for any trends before he will be able to react to it. We all know that he is the ultimate tech guy, he loves his sciency stuff like his electric cars and his space technology. He thinks that now was the right time to enter the cryptospace and we all went nuts about it.