Billionaire Elon Musk, CEO of Tesla and SpaceX just changed his Twitter bio to „#Bitcoin“, and surprisingly as it sounds, his action instantly triggered a rise in the price of Bitcoin (BTC).
Elon Musk Raises Bitcoin
Followed by nearly 44 million people on Twitter, entrepreneur Elon Musk recently changed his Twitter bio to „#bitcoin“ . Although it may seem completely trivial at first glance, its action caused a meteoric rise in the price of Bitcoin (BTC).
Shortly after changing his bio, Elon Musk tweeted, „In hindsight, it was inevitable.“ Many believe that Elon Musk is talking about Bitcoin here, and that his mentioning it was only a matter of time.
It didn’t take more for Bitcoin to react. The queen of cryptocurrencies soared to $ 37,000 , while it has stagnated for a few days around $ 30,000 – 32,000. A spectacular increase of almost 16% in just 30 minutes.
It is often difficult to say with certainty that any movement in Bitcoin is due to any particular event.
In the vast majority of cases, this is a correlation of several actions
But in this case, it is undeniable that the action of Elon Musk is at the origin of this upward surge in the price of Bitcoin. As of this writing, Bitcoin continues to climb and market volatility is peaking.
Note also that the capitalization of Bitcoin increased from 600 to 680 billion dollars following the action of Elon Musk. An 80 billion dollar Twitter bio change …
Will the „Elon Effect“ allow Bitcoin to return above $ 40,000 and even break its all-time high of $ 42,000? Only time will tell.