Economy

Bitcoin is up 20% after Elon Musk added #bitcoin to his Twitter bio

Bitcoin is up 20% after Elon Musk added #bitcoin to his Twitter bio

Bitcoin rose 20% on Friday after that Elon Musk He added the hashtag #bitcoin to his Twitter bio.

The virtual currency suddenly rose at around 3:30 AM ET, adding $ 5,000 within an hour to trade at $ 37,299, according to data from the CoinDesk industry site. At 5:17 AM ET, it traded 16% higher at around $ 36,423.

Musk added #bitcoin to his Twitter bio Friday morning. He also sent a vague tweet saying, “Looking back on the past, it was inevitable.”

It adds to the extreme volatility in the markets this week, as shares of short-selling companies such as GameStop and AMC have skyrocketed thanks to a rush of amateur investors inspired by the Reddit WallStreetBets forum.

Another subreddit group, SatoshiStreetBets, led investors to Raising the price of Dogecoin, A cryptocurrency inspired by the famous “doge” meme. Dogecoin’s price has risen 800% in the past 24 hours at one point.

This isn’t the first time that Musk’s Twitter habits have led to a spike in the price of an asset. The entrepreneur recently helped extend the rise in GameStop’s stock price hours after Tuesday, after tweeting “GameStonk” and linking it to the WallStreetBets Reddit community.

Meanwhile, CD Projekt shares in Poland rose 12.6% on Thursday after MASK He tweeted that he loves the company’s Cyberpunk 2077 game.

Masking Bitcoin added to his Twitter profile comes after much speculation about whether Tesla’s CEO will buy bitcoin or add the cryptocurrency to his electric vehicle company’s balance sheet.

The billionaire grabbed headlines after an exchange on Twitter with CEO of software company MicroStrategy last month, after a tweet suggesting he was tempted to buy bitcoin. With Jack Dorsey Financial technology company Square, MicroStrategy used its balance sheet to buy bitcoin last year.

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“If you want to provide $ 100 billion in service to your shareholders, convert TSLA’s US dollar balance sheet from USD to # BTC,” said Michael Saylor, president of MicroStrategy at the time.

In response, Musk said, “Are these big deals possible?”

MicroStrategy will be held next week at an event titled “Bitcoin for Corporations.” When asked by CNBC’s Morgan Brenner which companies would be attending, Saylor simply said there would be “thousands of executives, officers, directors, and advisors to companies”.

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