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Elon Musk Changed His Twitter Bio To Bitcoin And Its Value Skyrocketed By Almost 20%

by : Hannah Smith on : 29 Jan 2021 09:33
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Elon Musk has sent the price of bitcoin skyrocketing, with just a few simple clicks of a button.

Earlier today the Tesla founder, who has been a longstanding advocate for cryptocurrencies, changed his twitter biography to simply read ‘#bitcoin,’ causing an almost 20% increase in the virtual coin’s value.

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In the hour after Musk made the ultimate endorsement of the popular cryptocurrency at around 8:30am GMT (3:30am EST), bitcoin’s value soared from around $32,000 (£23,500) to above $37,000 (£27,000,) per online trading site Coinbase. According to Coindesk, another crypto-monitoring site, the spike saw bitcoin gain roughly 15.7% in less than 15 minutes.

The surge represented a 10-day high for the virtual coin, which earlier this month had dipped below $30,000 for the first time since its record rally saw it break the $40,000 barrier for the first time in its history. Bitcoin is currently up 20.78% in the past 24 hours.

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The news comes after Musk caused a similar spike in bitcoin’s value last month, when he commented that he would never turn down being paid in the cryptocurrency, and speculated that he could add bitcoin to Tesla’s balance sheet. Bitcoin advocates have long been keen for the world’s richest man to publicly endorse the currency, and while Musk has not officially confirmed whether or how much he has invested in bitcoin and other virtual currencies, many are taking this not-so-subtle bio change as proof that he’s on board.

Musk also tweeted ‘In retrospect, it was inevitable,’ after spending most of yesterday promoting other stocks and virtual coins like dogecoin, Shopify and Etsy. It’s the third time in just a few weeks that Musk’s twitter has caused stock market waves, with earlier endorsements of the private messaging app Signal and online arts and crafts store Etsy also resulting in similar spikes in those companies’ share price.

The bio caps off a frenzied 48 hours for amateur investors, following the ongoing GameStop saga which culminated in popular trading app Robinhood controversially blocking users from buying new shares in the company. Musk is thought to have played a hand in raising awareness of the Reddit plot to buy GameStop stock en masse, after he tweeted a link to the ‘r/wallstreetbets’ subreddit used to discuss the plan, along with the caption ‘Gamestonk!!’

Meanwhile, Tesla stocks dropped yesterday, despite confirmation that the company had achieved its first annual profit, after the company fell short of analysts’ earnings expectations.

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Topics: News, Bitcoin, cryptocurrency, Elon Musk, Now, Tech