When Elon Musk, the richest man in the world, updated his Twitter bio on January 29, simply adding the word “Bitcoin”, there was an almost instant 13% increase in the Bitcoin (BTC) spot price.
Musk’s resume appears to have been updated Friday morning, followed by a coded tweet indicating the imminent … something.
Posted at 08:22 UTC, Musk appears to have noticed 43 million subscribers. Some speculated that the tweet was a reference to the price hike for Dogecoin (DOGE) triggered by r / wallstreetbet traders as a result of a brief announcement of recent Gamestop (GME) promotions. Others suggested that the tweet was related to Bitcoin.
Anyway, at 8:24 am, Bitcoin suddenly took off. Over the next 30 minutes, Bitcoin’s value increased 13.9% as the coin surged from an initial $ 32,194. According to CoinMarketCap, the coin was priced at $ 36,670 at 9:04 am. Shortly thereafter, the BTC rally continued, eventually reaching $ 37,420, representing an increase of over 20% in the past 24 hours.
In December 2020, the value of Dogecoin surged 25% after Musk posted Dogememet. Musk previously posted Dogecoin memes followed by the phrase “It’s inevitable,” perhaps to signal the nature of Friday’s tweet.
Musk isn’t even the first billionaire to add the word Bitcoin to his Twitter bio. Social media head Jack Dorsey did the same in mid-2020. Dorsey is the CEO of Square, the fintech company responsible for the Cash app, which also offers services to Bitcoin users. Nearly 80% of Cash app revenue came from Bitcoin alone in the third quarter of last year.