Bitcoin jumps above US$38,000 as Musk adds it to Twitter profile

Daniel Fowler
February 1, 2021

Bitcoin couldn't enjoy the madness that had erupted all over the cryptocurrency market this week, with both insane stock trading and Elon Musk going bonkers at it. Musk has a record of making comments on Twitter that move the markets.

Musk even replaced his pinned tweet, which now reads, "In retrospect, it was inevitable". This could be an indicator of the growing discontent around the stocks across the world.

Much like his previous "Signal" tweet, his change in Twitter bio helped Bitcoin's price leap higher by nearly 20% in 20 minutes, leaving the Internet and users worldwide stunned.

The cryptocurrency jumped over 300 per cent a year ago, as bigger USA investors and corporations sought exposure to it, and touched an all-time high of $42,000 last month.

Bitcoin jumped over 300% past year, as bigger U.S. investors and corporations sought exposure to the cryptocurrency.

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With the report from Cointelegraph, it has been ascertained that Elon Musk had previously influenced the price of quite a few crypto assets- including Dogecoin- a meme-based cryptocurrency.

Musk, who revealed last month he is open to being paid in bitcoin, made the comments during a wide-ranging interview on the app Clubhouse that also covered manned missions to Mars and Musk's implantable brain-machine interface Neuralink.

In the same tweet, Michael Saylor, the CEO of MicroStrategy, a public company that has put Bitcoin in its treasury, told Musk to do his shareholders a $100 billion favor by converting the Tesla balance sheet into Bitcoin.

Smaller cryptocurrencies including ethereum and XRP that tend to move in tandem with bitcoin also jumped, as much as 5 per cent and 8 per cent respectively.

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