Bitcoin rises massively after being backed by Elon Musk

Bitcoin rises massively after being backed by Elon Musk

Bitcoin’s value jumped more than 20 percent to $ 38,600 on Friday – although the value has since settled down slightly – after it (Elon MuskElon Musk changed his biography on Twitter to #bitcoin, sparking speculation that he bought more cryptocurrency.

In January, the price of Bitcoin rose much higher than any level it had recorded before, and the price of one currency reached more than 40 thousand dollars this year, despite its decline again.

The cryptocurrency also appears to have benefited from the growing interest in other financial instruments that followed the GameStop issue, as users of the Reddit platform encouraged users to buy shares in a troubled game merchandise vendor to damage the hedge fund.

Since then, nearly all cryptocurrencies have seen significant price increases, including Dogecoin, the traditional bank fee-free cryptocurrency, which is up 370 percent over the past week.

Musk has 43.8 million followers on Twitter and has a track record of making influential market comments via the platform.

GameStop shares were up 50 percent on Tuesday after Musk tweeted the fictitious word Gamestonk, along with a link to stock trading discussion group Reddit Wallstreetbets.

She points The artificial word Gamestonk is to a mixture of GameStop and the term stonks widely used in social media to refer to stocks.

In December, Musk asked about the possibility of converting large transactions from Tesla’s balance sheet into Bitcoin, in a discussion on Twitter with a well-known advocate of the digital currency.

Traders also cited positive comments on Bitcoin from hedge fund manager Ray Dalio as boosting sentiment.

The founder of investment management firm Bridgewater Associates wrote that the cryptocurrency was a kind of invention of a new type of money via a system programmed into a computer, adding that he considered it an alternative asset that looked like gold.

Smaller cryptocurrencies, including Ether and XRP that tend to move in tandem with Bitcoin, also jumped by as much as 5 percent and 8 percent, respectively.

Less than 24 hours ago, the billionaire appeared to be urging participation in CD Projekt, which saw Cyberpunk 2077 rise more than 12 percent after it He said Via Twitter: The Model S Plaid allows passengers to play the game.

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