After Elon Musk’s Twitter action: will Tesla soon invest in Bitcoin?
A small symbol on Twitter sends the bitcoin price soaring. Elon Musk has updated his Twitter bio, causing speculation in the crypto market. Here’s what’s behind it.
When Tesla CEO Elon Musk tweets something, he can be sure that it will have a big impact – Musk can move markets. He has proven this impressively in recent days, for example with his postings about the “fun cryptocurrency” Dogecoin. This is how the coin made it by Bitcoin Lifestyle into the sights of the social media community around r/wallstreetbets. BTC-ECHO has already reported on the price explosion of Dodgecoin.
After Microstrategy now also Tesla?
It is no secret that Elon Musk thinks cryptocurrencies are “cool”. Even though he is said not to have made any significant bitcoin investments so far, he is one of the hot candidates with his company. Time and again, there are rumours that Musk could get involved in Bitcoin – even if there is no solid evidence so far.
In particular, the Nasdaq company Microstrategy, which has already invested over one billion US dollars in Bitcoin, is fuelling the narrative that companies are increasingly investing their reserves in Bitcoin. In the face of rising macroeconomic uncertainties, CEO Michael Saylor is promoting the shift of corporate reserves – out of US dollars, into Bitcoin.
After Elon Musk updated his Twitter profile today, 29 January, the bitcoin price shot up. Within minutes, it was up by double-digit percentages. What had happened? The answer: basically not much.
So Musk added the word Bitcoin, including the BTC symbol, to his Twitter bio. The reactions were not long in coming. The community again has every reason to speculate about bitcoin investments from the Tesla CEO. In addition, Musk followed up with a Twitter post that reveals a certain crypto-fatalism. Translated, the post reads: “In retrospect, it was inevitable”.