Musk’s recent endorsement of Bitcoin came as a shock to many as he had previously criticized the digital coin in his tweets, interviews and podcasts.
Bitcoin finally saw an upward action this week after Elon Musk mentioned the cryptocurrency in his Twitter Bio. The biggest cryptocurrency which wasn’t having a great week, jumped as much as 14% in the early stages of January 29 after the namecheck by one of the most influential people on the globe.
Bitcoin’s price rose from $32,000 to $37,800 within 30 minutes, a two-week high after Elon Musk, CEO of Tesla Inc (NASDAQ: TSLA) tagged the cryptocurrency in his Twitter bio. Musk once again proved his unrivaled influence in the crypto market as he only added the word ‘Bitcoin’ in his bio on the social media platform which was enough to propel Bitcoin to rise.
Elon Musk has been a vibrant voice in the world of cryptocurrency and finance as a whole, often expressing his somewhat controversial opinions on social media networks especially Twitter. Musk got into a legal battle with the SEC, for tweeting about Tesla private shares which he stated was selling at $420 which got him a $20 million fine from the SEC and subsequent legal issues.
Musk’s pinned tweet on the social media platform has been changed recently and now reads “In retrospect, it was inevitable.” Many people believe the new pinned tweet is in reference to the GameStop stock saga of which he has been talking about for days.
Musk’s recent endorsement of Bitcoin came as a shock to many as he had previously criticized the digital coin in his tweets, interviews and podcasts. Musk has questioned the legitimacy of Bitcoin as a viable alternative to fiat currency but seems to have circled back on his words as he seems to advocate for the cryptocurrency.
Musk again like a recent tweet from a user on Twitter explaining how Bitcoin is supposed to work.
The thing we call money is just an information system for labor allocation.
What actually matters is making goods & providing services.
We should look at currencies from an information theory standpoint.
Whichever has least error & latency will win.
— Elon Musk (@elonmusk) January 15, 2021
This isn’t the first time that Musk has had the name of a cryptocurrency in his Twitter bio. The billionaire described himself as the “former CEO of Dogecoin” in his bio last year and even tweeted about it. “One Word: Doge,” the tweet read, before proceeding to call bitcoin ‘BS’ in subsequent tweets. Musk’s tweet sent shares of Dogecoin up to 20% and ended in the list of trending topics on the social media platform.
CEO of Twitter Jack Dorsey has also followed suit, as he has also added Bitcoin in his bio as the endorsement of the digital coin continues to grow. Jack has been an advocate for Bitcoin for years and recently criticized the proposed cryptocurrency regulations stating that they will create “unnecessary friction and perverse incentives for cryptocurrency customers to avoid regulated entities for cryptocurrency transactions.”