Tesla boss Elon Musk promotes Bitcoin on Twitter

“Inevitable” – Tesla boss Elon Musk promotes Bitcoin on Twitter

The “promotion” of the market-leading cryptocurrency has seen Bitcoin climb back above US$38,000.

Tesla CEO Elon Musk has added the hashtag #Bitcoin to his status on Twitter, causing the market-leading cryptocurrency to suddenly gain almost 13%.

In a cryptic tweet, the carmaker then alluded to his new “love” for Bitcoin (BTC), noting that its triumph was “inevitable”.

In retrospect, it was inevitable
– Elon Musk (@elonmusk) January 29, 2021

Musk’s 43 million followers, however, interpreted the tweet as a reference to Dogecoin (DOGE), a joke cryptocurrency he has often commented on. The DOGE was carried to a new Bitcoin Trader review record high today by investors from the Reddit sub-forum r/wallstreetbets, after retail investors had earlier triggered a so-called short squeeze for the stock of video game retailer GameStop (GME).

Nonetheless, Musk’s tweet catapulted Bitcoin higher, as the market-leading cryptocurrency surged 13.9% just minutes later. As data from CoinMarketCap shows, this climb began at $32,194 and ended at more than $38,000. In the last 24 hours, this represents a gain of more than 20 % on the tableau.

Back then, he also said that the triumph of the cryptocurrency

Musk had previously fuelled the hype around the Dogecoin with another tweet, which enabled it to quadruple its previous record. In December 2020, the Twesla boss had already caused the price of the “meme coin” to rise by 25% with his tweet. Back then, he also said that the triumph of the cryptocurrency was “inevitable”, which is why the renewed use of this phrase is now being associated with Dogecoin in particular.

Musk is not the first prominent entrepreneur to “promote” Bitcoin in his Twitter status. Jack Dorsey, the Twitter boss himself, also included the cryptocurrency in his status last year. Dorsey is also CEO of the payment service provider Square, which enables investments in Bitcoin via the company’s own Cash app. Almost 80 % of the payment app’s revenues were generated by the cryptocurrency alone last year.

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