“I do at this point think bitcoin is a good thing. I’m late to the party, but I am a supporter of bitcoin,” he said.
The price of a single bitcoin spiked a little more than $1,000 to about $34,500 on Monday before easing back again. Bitcoin is up more than 260% over the past 12 months and a number of high-profile money managers, including Paul Tudor Jones and Stanley Druckenmiller, have embraced the cryptocurrency.
Investors also have a growing number of ways to gain exposure to bitcoin in traditional capital markets, such as publicly traded companies and exchange-traded funds.
“The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future,” said Musk.
—- Paul R. La Monica and Michelle Toh contributed reporting.