When the richest man on the planet Elon Musk up to date his Twitter bio on Jan. 29 — merely including the phrase ‘Bitcoin’ — it was adopted by a near-immediate 13% enhance to the Bitcoin (BTC) spot worth.
Musk’s bio gave the impression to be up to date on Friday morning, and was adopted by a cryptic tweet that referred to the inevitability of… one thing.
Looking back, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
Tweeted at 8:22 a.m. UTC, Musk’s 43 million followers apparently took discover. Some assumed the tweet was a reference to the Dogecoin (DOGE) worth surge which was ignited by r/wallstreetbet merchants as a follow-up to the current Gamestop (GME) inventory short-squeeze. Others assumed the tweet was associated to Bitcoin.
Both means, at 8:24 a.m., Bitcoin immediately took off. Over the course of the following 30 minutes, the worth of Bitcoin elevated by 13.9%, because the coin worth climbed from a place to begin of $32,194. By 9:04 a.m., the coin was value $36,670, in keeping with information from CoinMarketCap. Shortly afterward, BTC continued to climb, ultimately hitting $37,420 — representing greater than 20% progress within the earlier 24 hours.
In December 2020, the worth of Dogecoin elevated by 25% after Musk posted a Doge meme. Musk had beforehand posted Dogecoin memes adopted by the phrases “It’s inevitable,” maybe offering a clue to the character of Friday’s tweet.
Musk is not even the primary billionaire so as to add the phrase Bitcoin to his Twitter bio. The social media website’s personal CEO, Jack Dorsey, did the identical factor in mid-2020. Dorsey is the CEO of Sq., the fintech firm chargeable for the Money App, which additionally caters to Bitcoin customers. Nearly 80% of Money App’s income got here from Bitcoin alone by the third quarter of final yr.