After Elon Musk, one of the richest people in the world (reports if he’s currently at number 1 or 2 vary), added only one word to his Twitter bio, “Bitcoin,” the price of the cryptocurrency had a 13% increase almost instantly.
His bio was updated this morning. Soon after, Musk tweeted a cryptic message in which he declared that something was inevitable.
The tweet was sent at 8:22 am UTC to his 43 million followers. Some people think that this was a reference to the Dogecoin price surge, which took place thanks to the r/wallstreetbet traders as a response to the recent Gamestop (GME) stock short-squeeze. Others, of course, assume the tweet is about Bitcoin.
Regardless, two minutes later, Bitcoin’s price started to rise. In just 30 minutes, Bitcoin’s value increased by 13.9% from $32,194. At 9:04 am, the King of Crypto was valued at $36,670. It continued to rise and hit $37,420, which means that it grew by over 20% in one day.
Musk had a similar effect on Dogecoin. In December, he posted a Doge meme, which increased the cryptocurrency’s value by 25%. Musk has posted other Dogecoin memes in the past and used the same “It’s inevitable” description in at least one case.
Of course, Musk isn’t really the first billionaire to add the word Bitcoin to his Twitter bio. The social media site’s own CEO, Jack Dorsey, did a similar thing in mid-2020. Dorsey is also the CEO of Square, the fintech company that created Cash App. Worth noting is the fact that the app can also be used for Bitcoin transactions.