Elon Musk Changed His Twitter Bio To Bitcoin And Its Value Skyrocketed By Almost 20%

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Elon Musk has sent the amount of bitcoin skyrocketing, with just a couple of simple clicks of a button.

Earlier today the Tesla creator, who has been a longstanding advocate for cryptocurrencies, altered his Twitter biography to just read ‘#bitcoin,’ causing an almost 20% increase in the virtual coin’s value.

Twitter

At the summertime following Musk made the greatest endorsement of the popular cryptocurrency at approximately 8:30am GMT (3:30am EST), bitcoin’s value soared from approximately $32,000 (£23,500) to over $37,000 (£27,000,)% online trading website Coinbase. According to Coindesk, another crypto-monitoring website, the spike found bitcoin gain roughly 15.7percent in under 15 minutes.

The spike represented a 10-day higher for the virtual coin, which earlier this month dipped under $30,000 for the first time since its album rally saw it break the $40,000 barrier for the first time in its history. Bitcoin is currently up 20.78percent in the past 24 hours.

Coinbase

The news comes following Musk caused a similar spike at bitcoin’s value every month, even when he remarked that he would never become compensated at the cryptocurrency, and theorized that he may add bitcoin to Tesla’s balance sheet. Bitcoin advocates have long been eager for the planet ’s wealthiest man to publicly endorse the money, and while Musk hasn’t formally verified whether or how much he’s invested in bitcoin and other virtual currencies, most are taking this not-so-subtle bio change as proof that he’s on board.

Musk additionally tweeted ‘In retrospect, it was unavoidable,’ after spending most of yesterday boosting other stocks and virtual coins such as dogecoin, Shopify and Etsy. It’s ’s the next time in just a few weeks that Musk’s Twitter has generated stock market waves, with earlier reports of the private messaging program Signal and online arts and crafts shop Etsy additionally leading to similar spikes in those companies’ share price.

The bio caps off a frenzied 48 hours to amateur investors, following the continuing GameStop saga which culminated in hot trading program Robinhood controversially preventing users from buying new stocks in the company. Musk is believed to have played in raising awareness of the Reddit plot to purchase GameStop stock en masse, after he tweeted a hyperlink to the ‘r/wallstreetbets’ subreddit utilized to talk about the program, in addition to the caption ‘Gamestonk!! ’

Meanwhile, the Tesla stocks dropped yesterday, despite confirmation that the company had attained its first yearly profit, following the firm fell short of analysts’ revenue expectations.

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