It can easily be said that by the beginning of the year 2020, the cryptocurrency had it all. The industry had gained a vast amount of success and adoption among private and individual investors. However, the industry still lacked one thing and that was mainstream adoption.
Despite all the success and adoption, the industry still could not get to the top of its chain because it lacked mainstream adoption and recognition. When a firm or industry gains mainstream adoption, it means that it has the majority of financial institutions and investment firms investing in it.
However, the industry managed to gain mainstream success towards the end of the year 2020. Although the industry had gained the interest of few mainstream institutions before September 2020, it still lacked vast adoption.
This is when PayPal came into the spotlight and announced that it awas going to integrate Bitcoin (BTC) into its platform. That is when the cryptocurrency and Bitcoin (BTC) started picking up the pace. Since then, the cryptocurrency and most importantly, Bitcoin (BTC) has managed to gain a lot of success.
Apart from mainstream adoption, there was one major and important thing that the cryptocurrency industry needed. That was the trust from the high profile businessmen, entrepreneurs, and investors and the industry has managed to gather them since the beginning of 2020.
Before 2020, there were many high-profile businessmen who were skeptical about adopting cryptocurrencies. One of the major personalities was Michael J. Saylor who did not have positive to talk about Bitcoin (BTC) in 2019. However, Saylor took a U-Turn right from the beginning of the year 2020. The CEO of MicroStrategy became a proponent of Bitcoin (BTC) and had his company invest more than a billion in Bitcoin (BTC).
However, what the Bitcoin (BTC) industry lacked was the interest of the richest people in the entire world such as Bill Gates, Warren Buffett, Mark Zuckerberg, and Elon Musk.
Recently, Elon Musk, who is currently the richest man in the world has opened about Bitcoin (BTC). He took it upon himself to talk about Bitcoin (BTC) through the Twitter platform and shared his views with 43.8 million followers.
Elon Musk has even changed his Twitter profile to just “#bitcoin” and he recently tweeted that as per the trend, the success of Bitcoin (BTC) was inevitable.
Right after Elon Musk Tweeted through Twitter, the on-chain analyzing firms observed the prices of Bitcoin (BTC) soar in a matter of hours. At the time of publishing, Elon Musk’s tweet has been liked more than 152.6k times while the tweet has been retweeted more than 22.2k times.
According to sources, the Tweet was made by Elon Musk on January 29 at 3:22 AM EST. At that time, the price of Bitcoin (BTC) was at $32,212. Right after the tweet, the price of Bitcoin (BTC) went all the way up to $37,803 per BTC.