The eccentric billionaire keeps playing with the stock market. Elon Musk, Tesla’s boss, added this Friday the mention « #bitcoin » accompanied by the logo of the virtual currency on the organic of
his Twitter account, followed by more than 44 million people.
That was all it took for the price of bitcoin to soar, allowing the cryptomony to exceed the $37,000 mark. The currency’s price soared 17% in 24 hours. By late Friday morning, Bitcoin was trading at $36,861, according to sites specializing in virtual currencies.
A highly volatile currency
Tesla’s boss himself commented on this surge in the price of Bitcoin, saying that « in retrospect, it was inevitable ».
Bitcoin, a highly volatile currency, broke a record in early 2021. In recent weeks, it has almost passed the $40,000 mark, before falling back and stabilizing at around $30,000. In recent months, it has benefited from the growing enthusiasm of large multinationals, in particular the Paypal payment service, which since the end of 2020 accepts exchanges in cryptomoney.
In retrospect, it was inevitable
This is not the first time that the billionaire’s tweets have had such an impact on stock market prices. At the beginning of the week, his tweet mentioning the e-commerce company Etsy had helped the stock gain 18% in a single day.
Elon Musk had also invited his followers to use the encrypted messaging application Signal. The effects were immediate: Signal quickly became the most downloaded app on the AppStore and GooglePlay. As a side effect, the share price of Signal Advance, a Texan healthcare company – which is not at all a messaging system – had risen by more than 6,000% between January 6 and 11.
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