no really it’s so obvious in the books how much the elves adore and respect bilbo and i wish they had time to fit it in the movies

he is always their honored guest; they spend time teaching him their languages and they trust him with the momentous task of translating the many beautiful words of their poems and epics and though they laugh at his cheek, it is bilbo who keeps the eldar alive in middle-earth, through his translation of their history and songs, long after the last elf sailed west

bilbo is so comfortable in rivendell and the elves wait on him gladly, and it is they who care for him in his old age and failing health; they are there to sing for him when he wishes and to talk to him about history at his leisure; they lullaby him to sleep and treasure him, and lord elrond and his children treat him like family

and during the council of elrond, old bilbo is the first to volunteer to take the ring to mordor—and all the elves look at bilbo (this greying, crinkle-eyed halfling, so very insignificant and low compared to them all) with more reverence and honor than they would even have for elrond, for they know how truly important he is, and how important all the seemingly insignificant mortals are, and they treasure this old one of the periannath and help him board their ships when they sail to valinor

and remember

these are elves