Elon Musk added Bitcoin to his Twitter bio earlier today. Within moments, the cryptocurrency’s price surged from $32,000 to clear $38,000 — a 20% jump.
This is easily the most power Musk has shown over Bitcoin’s price, far exceeding BTC’s 5% rise after he tweeted “Toss a bitcoin to ur Witcher” in reply to Game of Thrones’ Maisie Williams last November.
In fact, this appears to be the most Musk has ever been able to pump any cryptocurrency in one day. Protos calculated Musk helped push the price of Dogecoin up almost 18% in December.
Still, it’s far below the power the unofficial WallStreetBets Chairman seems to wield over Dogecoin. The account (which boasts over 740,000 followers) tweeted about the meme-inspired cryptocurrency early Thursday morning, and by the evening DOGE had risen 520% at its peak.
DOGE finished Thursday up 240% for the day, with WallStreetBets Chairman doing their best to boost its price once more with another tweet early Friday morning.
Of course, whether Bitcoin retains its Musk-inspired price is another story. At press time, BTC is struggling to maintain above $37,000 as crypto fans continue to flood Twitter with hype.
This is not investment advice. Don’t pretend it is. Always do your own research.