Barely 12 hours after Tesla CEO, Elon Musk, added Bitcoin to his Twitter bio, the cryptocurrency price surged by 20 percent.
Before Elon Musk’s endorsement on Friday, Bitcoin traded all week long hovering between $30,000 and $34,000. Volatility throughout the week was very high as Bitcoin price was not stable. The highest price Bitcoin traded during the week was $34,665 on Monday, January 25.
Upon Elon Musk’s endorsement, Bitcoin price jumped as high as $38, 372, hovering above the $34, 000 which was its highest price all week.
The surge happened simply after Musk added #Bitcoin to his Twitter bio earlier Friday morning. He also sent out a cryptic tweet, saying: “In retrospect, it was inevitable.”
The update and tweet on Elon Musk Twitter bio appeared to be a pump-action targeted at the number one cryptocurrency.
However, it is not the first time Musk’s tweeting habits have led to a spike in an asset’s price.
Similar to the Bitcoin price surge, DOGE coin exploded more than BTC in the last 24 hours. DOGE price rose by 800 percent after a subreddit group, SatoshiStreetBets, led investors to pump up the price of Dogecoin.
Elon Musk set new Bitcoin trend
After Elon Musk updated his Twitter bio to “#Bitcoin” earlier today, more big names from in and out of the crypto bubble followed his lead.
10-high profile Twitter accounts have joined Elon Musk in updating their bios to Bitcoin. The combined followers of all stakeholders who joined the trend exceeds 60 million people.
Tyler and Cameron Winklevoss, the twin brothers who co-founded the FCA-regulated cryptocurrency exchange Gemini, have also changed their bios to Bitcoin. Together, they command a Twitter following of about 735,000 people.
Jimmy Donaldson—better known by his YouTube personality Mr. Beast—also changed his bio to Bitcoin. Donaldson is known for performing expensive stunts on YouTube and has generated a Twitter following of over 9 million people.
Musk, however, is not the first person to champion Bitcoin in their Twitter bio. Twitter CEO Jack Dorsey had already done since February 2020.
The new trend is being used to show support for the idea of a decentralized future of finance, where Bitcoin plays a leading role.