Bitcoin Surges 15% After Elon Musk Changes Twitter Bio to #bitcoin
The cryptocurrency surged to $38,089.94 after Musk's unexpected bio change. Bitcoin has been priced between the range of $31,000 and $33,000 since falling from its all-time high of more than $41,000 earlier this month.
Following the massive surge in the cryptocurrency, Musk later tweeted "In retrospect, it was inevitable."
This isn't the first time Musk's tweets have moved markets. Earlier this week he tweeted "Gamestonk!!" with a link to subreddit WallStreetBets. This tweet contributed to the massive 157 percent surge in GameStop shares.
However, some were confused by Musk changing his bio to #bitcoin. "Does this mean he's buying? Or does he simply think it's a good thing," he wrote in a note, adding that Musk's record on Twitter with Tesla shares is "chequered," Neil Wilson, chief market analyst at Markets.com said. "Clearly the move is being cheered by the Bitcoin bulls," he added.
He also cited that "assets that can be moved this easily by social media, whether Twitter or Reddit, are liable for large intra-day moves and subsequently could be too hot to handle for many. It's getting wild out there."