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Bitcoin Prices Surge After Elon Musk Changed His Bio To “Bitcoin”

1 Mins read

Prices of Bitcoin surged to a double-digit percentage early on Friday after Tesla CEO, Elon Musk, changed his Twitter bio to the word “Bitcoin.”

The world’s biggest cryptocurrency picked up from its initial price of about $32,000, and took a leap to about $37,050.

This leap takes the digital coin to the highest level since Jan. 19, according to CoinDesk.

The rise happened in less than 15 minutes and more than reversed the early dip from $34,400 to $32,000.

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

Other notable voices like Twitter CEO, Jack Dorsey, Reddit co-founder, Alexis Ohanian, and hedge fund manager, Anthony Scaramucci, also joined SpaceX CEO, adding Bitcoin to their Twitter bios.

Last year, while in a Twitter exchange with Microstrategy CEO, Michael Saylor, Elon Musk asked about the possibility of converting “large transactions” of Tesla’s balance sheet into Bitcoin.

Read also: Ethereum’s Ether (ETH) Attains A New Record Price High

Michael Saylor, at the time, encouraged Musk to shift cash from Tesla to Bitcoin and “do your shareholders a $100 billion favour.

The exchange came after Musk posted a suggestive image indicating that he is tempted by Bitcoin.

Mr Musk changing his Twitter bio to “Bitcoin,” means his over 43 million followers would get interested in searching for more information about the digital coin.

Google searches for “Bitcoin,” a barometer of widespread interest, surged following Musk’s cryptic endorsement of Bitcoin.

Musk’s comments came amid a trading war between a some Reddit traders and some massive hedge funds, which pushed the price of GameStop stock up to unprecedented levels.

Tesla CEO is not a stranger to wreaking havoc on the financial markets. Sometimes ago, his infamous tweet about “taking Tesla private,” caused a surge in the company shares, and landed him in trouble with the U.S. Securities and Exchange Commission.

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When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
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