• Saturday, July 13, 2024
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Elon Musk’s profile update sends bitcoin on a short bull run

Musk

A new profile of Elon Musk that spotted the bitcoin hashtag is responsible for the latest bull run in the price of the largest cryptocurrency in the world.

The price of Bitcoin on Friday morning jumped to over $37,000, about 10.2 percent rise in less than an hour following the profile update. The World’s richest man and CEO of Tesla is followed by 43.8 million Twitter users. He also has a growing reputation for making market-moving comments on the site.

Recall that after WhatsApp announced its privacy policy update, Musk had taken to Twitter to urge his followers to move to Signal. Within hours of making the tweet, millions of users said they were dumping WhatsApp for Signal.

It was also Musk’s tweet “Gamestonk” along with a link to the Reddit Wallstreetbets stock trading discussion group tweet on Tuesday that set off the retail trading frenzy for GameStop Corp which saw its share price surge by 50 percent.

The price of bitcoin has risen by over 300 percent last year, as some of the world’s biggest corporations sought exposure to cryptocurrency. The price hit an all-time high of $42,000 last in recent weeks.

The Musk influence may be short-lived as the price of bitcoin has since retreated to $36,663 as of the time of writing this article.