Elon Musk’s Tweeter update on “Dogecoin growth” awakens Bitcoin

Elon Musk Says "Bitcoin is Almost as Bad as Fiat"

Some of Musk’s 43 million followers may have noticed what happened after Bitcoin rose nearly 14% within 30 minutes of updating bio. On January 29, 2021, the richest man in the world updated his Twitter resume. By adding the word “Bitcoin” to social media platforms, the spot price of Bitcoin (BTC) rose 13% almost immediately.

Musk’s résumé was updated on Friday, followed by a secret tweet mentioning … the inevitability of something.

Musk’s 43 million followers, who tweeted at 9:22 a.m. (GMT +1), noticed this. Some of them believe this tweet points to a rise in the price of Dogecoin (DOGE) that was lit by r/walltreetbet traders overnight. Reddit merchants turned to DOGE as a result of the recent inventory shortage at Gametop (GME). Other followers believe this tweet is Bitcoin related.

Either way, around 8:24 a.m., Bitcoin suddenly started. In just 30 minutes, Bitcoin rose 13.9% as the flagship cryptocurrency rose from its starting point of $32,194. According to data from CoinMarketCap, the value at 9:04 a.m. was $36,670. After a while, Bitcoin continued to rise, eventually reaching $37,420 – an increase of more than 20% in the past 24 hours.

After Musk released the DOGE meme in December 2020, Dogecoin has increased in value by roughly 25%. Tesla’s CEO previously posted a Dogecoin meme followed by the word “it’s inevitable,” which may hint at the nature of Friday tweets.

Musk isn’t the first billionaire to add “Bitcoin” to his Twitter profile. Twitter’s CEO Jack Dorsey did the same in mid-2020. Dorsey is also the CEO of Square, a financial technology company responsible for Cash App. The company is aimed at Bitcoin users. By the third quarter of 2020, around 80% of Cash App’s sales will be generated with Bitcoin.

Bitcoin is flirting with $38K

The knock-on effect of insane stock trading this week and the Elon Musk effect is expected to benefit BTC/USD. So far, the flagship cryptocurrency has peaked at around $38,000 and then retreated to over $36,500.

BTC/USD 1-hour candle chart. Source: Tradingview

After the richest man in the world added the Bitcoin symbol to his Twitter page, Bitcoin rose by $5,000 in a matter of minutes.

Data from Tradingview shows that BTC/USD surged to $38,000 when users noticed that Musk is now publicly promoting Bitcoin. Previously, investors and traders had been keenly anticipating that Bitcoin would be the next asset to receive a significant boost.

Many people expect this growth to come from public figures like Elon Musk or laypeople from the now infamous Reddit organization r/Wallstreetbets. As previously reported, Musk single-handedly raised the prices of many crypto assets, including Dogecoin (DOGE), with just one or a few tweets.

At the same time, DOGE and the GameSpot and AMC stocks rose due to Reddit in January of this year. The subsequent regulatory retaliation caused a stir and increased the cryptocurrency’s reputation as an independent investment.

“This should be your call to wake up the #bitcoin exchange,” said the popular Twitter account “Record Bitcoin”, summarizing the whole situation when the GME USD trade closed.

Musk cause Twitter speculation 

For Elon Musk he had the experience of a “former Dogecoin CEO” in the past. At the time of writing, there is no public explanation for the move to BTC. Soon after, another typical secret tweet appeared.

He wrote, “Looking back, it was inevitable.” Musk checked the history of Bitcoin and previous tweets made it difficult for him to determine whether he owns the largest cryptocurrency or doesn’t like it at all.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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