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Price of bitcoin jumps after Elon Musk adds Bitcoin in his twitter bio

Elon Musk & Bitcoin

Bitcoin surged on Monday after Elon Musk, Tesla’s billionaire CEO, said he “supported” the cryptocurrency.

“Bitcoin is a good thing,” Musk said in comments posted on the clubhouse’s social audio app Monday. Musk said he was “late to the party” to support Bitcoin.

Bitcoin rose to more than $ 38,000 on Friday after Musk changed his biography on Twitter to “#bitcoin.”

Last week, he jumped on the GameStop cart, tweeting “Gamestonk,” a stock market move, along with a link to the WallStreetBets forum on Reddit, where users rallied to increase the value of the game’s retailer’s stock.

Musk added in his comments to the Clubhouse that his tweets about dogecoin, another lesser-known currency, were “in fact intended to be a joke.” The value of the cryptocurrency, which was flagged by the Shiba Inu meme, increased dramatically the more Musk tweeted about it.

He also made a number of high-profile claims in his first appearance on the app, including that Neuralink, a company he founded to work on controlling computers in the human brain, had implanted a microchip in the monkey’s brain to enable it. to play. video games. .

Musk became the world’s richest person earlier this year with stock prices skyrocketing at Tesla, America’s leading electric car company, but in recent weeks he has used a large following to talk about other investments.

Musk was one of the characters to appear on a Star Wars-style poster, widely shared on the WallStreetBets page on Monday, for a fictional movie about the GameStop craze. The fictional movie, Diamond Hands, was a nod to investors who hold onto their high-risk financial bets even in the most volatile of circumstances.

His satisfaction with the online culture has always been evident, and the CEO regularly posts memes, including financial topics. However, it also caused problems for him and his company. In 2019, Musk reached a settlement with the US Securities and Exchange Commission after tweeting that he had “secured funds” to buy Tesla at $ 420 a share.

The tweet sparked a spike in Tesla stock, but it later emerged that the funding was not there and Musk was suspected of choosing the $ 420 figure due to his association with hemp culture.

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