Within the hours leading up to press time, the price of Bitcoin added roughly $5000 to its value and now trades just below $37,000. If you missed the price and are wondering what’s behind it, then you probably missed the news on one of the world’s richest men replacing his Twitter bio with a single word, Bitcoin.
There has been a recent retail frenzy in the stock market, and the trend has briefly caught up with the cryptocurrency space. Given that meme cryptocurrency Dogecoin increased by over 1000% in 72 hours, a tweet about Bitcoin from Elon Musk was sure to have an impact on retail, not least, after Bitcoin has seen record gains in recent months.
Within an hour after the tweet, Bitcoin grew from around $32,000 to above $37,200. The leading cryptocurrency traded at $36,900 at the time of writing and could surge even higher as profits from the recent altcoin rally flow into it.
Is Elon Musk Buying Bitcoin?
Michael Saylor offered to share with Elon Musk the blueprint he used to help MicroStrategy. Today’s switch to a ‘bitcoin’ only Twitter bio is raising hope among investors that one of the world’s richest men is already onboard Bitcoin.
Musk’s tweet following the bio change did little to suggest otherwise:
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
Worth noting is that the above tweet could have many interpretations, including that the recent retail revolt against traditional investors ‘was inevitable.’ However, investors appear to be speculating on the tweet being more related to Musk’s involvement with bitcoin than the market’s current state.
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