Bitcoin couldn’t enjoy the madness that had erupted all over the cryptocurrency market this week, with both crazy stock trading and Elon Musk going bonkers at it. In the end, Bitcoin could just reach a level of $38,000, when it could have broken all legible barriers. Nonetheless, Bitcoin did manage to rise by about $5000 in the minutes that followed Elon Musk adding the symbol to his own Twitter handle.
Bitcoin’s Potential Benefactor- The Juggernaut That Is Elon Musk?
According to quite a few reports from Tradingview and Cointelegraph markets- the BTC/USD price did spike to about $38,000- after Elon Musk publicly endorsed the cryptocurrency. This move has poured gasoline over rumors that Bitcoin might be the next asset to receive a huge boost- either from a consummate businessman like Elon Musk, for just a bunch of consumers who have affiliated themselves with r/Wallstreetbets- a group on Reddit.
With the report from Cointelegraph, it has been ascertained that Elon Musk had previously influenced the price of quite a few crypto assets- including Dogecoin- a meme-based cryptocurrency. And he managed to do that with just a couple of tweets. Yet, Reddit has to be thanked for it all- for DOGE, and other stocks like AMC and GameStop have surged quite considerably due to the efforts of Reddit. Interestingly, the regulatory retaliation that was causing a massive furor led to the foundation of cryptocurrency’s reputation as an investment that was entirely independent.
For those willing to curate the tweets of Elon Musk, it needs to be mentioned that the head of Tesla previously had a Twitter bio where he referred to himself as the former CEO of Dogecoin. But regarding his move towards Bitcoin, no such move has been made public. Nonetheless, he did put out a very cryptic tweet at the end of it. What seems to be hilarious is that no one knows if Elon Musk actually prefers bitcoin- or if he would rather see it disband.
