How To Install Homebrew on Apple Silcon (M1) with Big Sur

Homebrew will not getting port to the ARM architecture anytime soon, as work on ARM has been running for many years (see the timeline here). But a lot of Formulae have alread been shown to work with the Rosetta 2 emulation on the M1 processors from Apple.

But how can I install homebrew on Apple Silicion? The command for installing homebrew is: