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Bitcoin even rose 11 percent on Friday, reaching its highest level in 10 days Traders cited a move by Tesla Inc CEO Elon Musk tagging the cryptocurrency in his Twitter bio

LONDON: Bitcoin rose as much as 14 percent to a two-week high on Friday after Elon Musk, head of Tesla Inc, tagged the cryptocurrency in his Twitter bio

Musk simply wrote “#bitcoin” in his bio on the social media site, the world’s largest cryptocurrency rose 102 percent at 36$ 901 from 1005 GMT

The billionaire entrepreneur, followed by 438 million users on Twitter, have proven market-moving comments on the website

GameStop Corp, which was at the center of the retail frenzy, rose 50 percent Tuesday after Musk “Gamestonk !!” tweeted, along with a link to the Reddit Wallstreetbets discussion group on stock trading where followers affectionately refer to him as “Papa Musk” “

Bitcoin was up over 300 percent last year than the larger US. Investors and companies sought exposure to the cryptocurrency, which hit an all-time high of 42 last month$ 000

In December, in a Twitter exchange with a prominent digital currency advocate, Musk asked about the possibility of converting “large transactions” on Tesla’s balance sheet into bitcoin

“That would be a very big deal,” said Christopher Bendiksen of digital asset manager CoinShares on Friday

Traders also cited positive comments from hedge fund manager Ray Dalio on Bitcoin as supportive sentiment

The founder of Bridgewater Associates wrote Thursday that the cryptocurrency was “a hell of a good invention,” adding that he considered it a “gold-like alternative good” “

Smaller cryptocurrencies, including Ethereum and XRP, which tend to move in tandem with Bitcoin, also rose up to 5 percent, respectively 8 percent

Elon Musk twitter

World news – AU – Bitcoin rises 14 percent after Elon Musk name verification on Twitter

Source: https://www.channelnewsasia.com/news/business/bitcoin-soars-14per-cent-after-elon-musk-namecheck-on-twitter-14069678