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He has followed in the footsteps of Twitter CEO Jack Dorsey, who has been a long time advocate of the leading digital asset.
Last year, financial services and mobile firm founded by Dorsey, Square Inc., bought bitcoins worth $50 million.
The Elon Musk effect
Elon Musk, the richest man in the world with a net worth of $197 billion, is an influential figure and his Bitcoin ‘endorsement’ would not go unnoticed.
[caption id="attachment_26285" align="alignnone" width="601"]
Elon Musk changes Twitter bio to Bitcoin | Source: Twitter[/caption]
Shortly after the bio change, Bitcoin’s price shot up from the $32K region to more than $36,000.
Glassnode founder and CTO Rafael Schultze-Kraft suggested that Musk’s bio change resulted in $57 million in shorts being liquidated on Binance.
Bitcoin is trading at $36,915 at the time of writing, a price surge of more than 13% since Musk changed his Twitter bio.
Musk’s mention of Bitcoin to his 43 million+ followers could translate to a portion of them learning about bitcoin or even thinking of purchasing it.
Shortly afterwards, he later tweeted that “in retrospect, it was inevitable,” perhaps suggesting that he was bound to ‘endorse’ bitcoin at some point.
This tweet, which could be a follow up to the bio change, has received more than 200K likes and retweeted nearly 30,000 times.
Musk statement was "embedded into the Bitcoin blockchain statement for all eternity."
Musk has a history of pumping cryptocurrencies
It takes only a few words for Musk to pump cryptocurrencies.
He initiated a rally for the meme-themed cryptocurrency Dogecoin when he tweeted about it.
All he needed to write was: “One word: DOGE.”
The tweet resulted in a lot of people rushing to learn more about Doge, and the cryptocurrency received a major price boost.
Last month, he inquired about buying bitcoin after having an exchange with fellow billionaire Michael Saylor, the CEO of Microstrategy, a business intelligence firm aggressively buying bitcoin.
It was inevitable
It is not known what pushed Musk to change his bio to Bitcoin. He might have done so in response to brokerage firms suspending the trading of GameStop shares and other stocks after hedge funds were burned by retail traders in Reddit chatrooms.
In 2018, Musk hinted at taking Tesla private.
As it stands, two billionaires - Musk and Dorsey - have changed their Twitter bios to “Bitcoin.”
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