Elon Musk’s #Bitcoin on Twitter ignites cryptocurrency

The mere mention of the cryptocurrency’s name and emoji on the Tesla boss’s microbiography caused its price to jump 14% on Friday.

Elon Musk definitely has the art and the way to move the markets with his Twitter account. On Friday, the billionaire entrepreneur simply marked #Bitcoin followed by his emoji, and the price of the cryptocurrency saw a surge of 14% in the process. Elon Musk’s account is followed by 44 million Twitter users to date.

The cryptocurrency price surged soon after Elon Musk’s biography change on Twitter. Screenshot of the Coindesk site

Last December, the entrepreneur, during an exchange with a supporter of cryptocurrency, questioned the possibility of converting the “large transactions” of Tesla’s balance sheet into bitcoin.

READ – In 2020, Bitcoin is taking root in the global currency landscape

Admittedly, the very high volatility of the Bitcoin price does not allow us to affirm with certainty a cause and effect link. This new episode rather confirms the billionaire’s power of influence on the platform, because the examples of statements followed by real effects have multiplied in recent times.

Earlier this week, his tweet mentioning Etsy e-commerce company had allowed the action to gain some 18% in a single day.

Elon Musk then specified to have bought there a knitted wool helmet for his dog. The effect of his declaration of love did not last, and the course fell almost as quickly as it had gone up, but still. Tuesday, in the middle of the GameStop affair, his tweet “Gamestonk !!” (a term used to refer to a stock), with a link to Reddit’s stock exchange discussion group Wallstreetbets, participated in the 50% jump in the value of the US company.

Three weeks earlier, Elon Musk invited his followers to use the Signal encrypted messaging app, after the case of the change of general conditions of use of WhatsApp. After him, Jack Dorsey, the boss of Twitter and Edward Snowden will also publicly show their support for the messaging. Result: the Signal application became the most downloaded on the AppStore and GooglePlay. And another company, unknown to the battalion, called Signal Advance took advantage of the mistake of certain investors to experience a spectacular jump in its listed share.

Of course, all of its movements are also further proof of the certain dose of irrationality that hangs over all these markets. The fact remains that they attest to the status of a unique influencer of its kind of the boss of Tesla, who has become the richest man in the world.

SEE ALSO – Bitcoin, Libra: should you invest in cryptocurrencies?


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