Bitcoin (BTC) Price Soars Almost 20% After Musk Adds #bitcoin to His Twitter Bio

January 29, 2021 7:39 AM EST

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Bitcoin (BTC) price soared over 15% today after Tesla's (NASDAQ: TSLA) CEO Elon Musk added #bitcoin to his Twitter bio page.

He then tweeted: "In retrospect, it was inevitable".

Bitcoin price was trading at $32,300 before soaring about $6,000 to trade at $38,250 at one point of the day.

In December, MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor replied to Musk's tweet that he should “convert the $TSLA balance sheet from USD to #BTC,” if he really wants to do “a $100 billion favor” for his shareholders.

“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” he added.

Musk responded with “are such large transactions even possible?”

Musk has stayed active on Twitter during the WSB frenzy. He voiced his support for retail investors as they continue to fight short-sellers and hedge funds.

A few days ago, shares of Etsy gained about 5% after Musk tweeted: "I kinda love Etsy".

He also tweeted "Gamestonk" related to the ongoing short-squeeze in GameStop (NYSE: GME), sending shares surging even higher.

Bitcoin is currently trading above the $37,000 mark, or 11% higher on the day.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Forex, Trader Talk

Related Entities

Standard & Poor's, Twitter, Tesla, Bitcoin