Why Bitcoin rose 14 % as Elon Musk changed his Twitter bio? Here’s the reason

New Delhi: Bitcoin jumped as much as 14% on Friday (January 29) to a two-week high after Tesla Inc chief Elon Musk tagged the cryptocurrency in his Twitter biography.

Elon Musk wrote simply “#bitcoin” in his biography on the social media site, Twitter. The world`s biggest cryptocurrency was up 10.2% at $36,901 as of 1005 GMT.

The billionaire entrepreneur, followed by 43.8 million users on Twitter, has a record of making market-moving comments on the site.

Elon Musk replaced his pinned tweet which reads, “In retrospect, it was inevitable.” This could be an indicator of the growing discontent around the stocks across the world.

GameStop Corp, which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted “Gamestonk!!”, along with a link to the Reddit Wallstreetbets stock trading discussion group. There, supporters affectionately refer to him as “Papa Musk.”

“Stonks” is a tongue-in-cheek term for stocks widely used on social media.  

Bitcoin jumped over 300% last year, as bigger U.S. investors and corporations sought exposure to the cryptocurrency. It touched an all-time high of $42,000 last month.

In December, Musk asked about the possibility of converting “large transactions” of Tesla`s balance sheet into bitcoin, in a Twitter exchange with a well-known advocate for the digital currency.
“That would be a very big deal,” said Christopher Bendiksen of digital asset manager CoinShares on Friday (January 29). 

Traders also cited positive comments on bitcoin by hedge fund manager Ray Dalio as supporting sentiment. 

The Bridgewater Associates founder wrote on Thursday that the cryptocurrency was “one hell of an invention,” adding that he viewed it as a “gold-like alternative asset.”

Smaller cryptocurrencies including ethereum and XRP that tend to move in tandem with bitcoin also jumped, as much as 5% and 8% respectively.


Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Sensex sheds 379 points Nifty ends below 15,200

Mumbai: Equity benchmark Sensex tumbled 379 points on Thursday, tracking losses in index heavyweights...

Is VC Investment In The U.K. Recovering? Well, It’s...

Having been acquired, rescued and rebranded as HSBC Innovation Banking, the entity formerly known...

Sensex, Nifty pare early losses to turn positive in...

Mumbai: Equity benchmark Sensex pared early losses and turned positive in opening trade on...

Council Post: Three Hiring Incentives For Skilled Workers That...

By Matt Doyle, VP and co-founder of Excel Builders, a truly unique custom home...