Bitcoin rose up to 20% on Friday after Elon Musk added the hashtag #bitcoin to his Twitter bio

The virtual currency suddenly spiked around 3:30 a.m. ET, which according to industry site CoinDesk was 5 within an hourAdds $ 000 to at 37Trading $ 299 at 8:00 p.m. ET, it expanded profits to around 37$ 653 to trade

Musk added #bitcoin to his Twitter bio on Friday morning. He also sent out a cryptic tweet saying, “In retrospect, that was inevitable”

This adds to the wild volatility in the markets this week as the stock prices of heavily short companies like GameStop and AMC soared thanks to a rush of amateur investors inspired by the Reddit forum WallStreetBets

Another subreddit group, SatoshiStreetBets, prompted investors to raise the price of Dogecoin, a cryptocurrency inspired by the popular “Doge” meme, Dogecoin has risen 800% at one point in the past 24 hours / p>

Bitcoin’s price development was relatively subdued before Friday.The world’s most valuable cryptocurrency hit an all-time high of 41 earlier this month$ 940 before dropping sharply a week later, it just dropped below 30 just last week000 dollar mark

The digital coin is still 13% below its all-time high, but around 25% since the start of the year Bitcoin has more than quadrupled over the course of 2020, with crypto bulls spearheading increased institutional investment as the driving force behind the rally

It’s not the first time Musk’s tweeting habits have spiked the price of an asset, the entrepreneur most recently helped extend a rally in GameStop stock price hours after Tuesday after tweeting “GameStonk” and had linked to the WallStreetBets Reddit community

Meanwhile, shares in the Polish CD Project rose as much as 126% Thursday after Musk tweeted that he liked the company’s Cyberpunk 2077 game

Musk’s addition of Bitcoin to his Twitter profile comes after much speculation about whether the Tesla CEO will buy Bitcoin or add the cryptocurrency to his electric car company’s balance sheet

The billionaire made headlines after a Twitter exchange with Michael Saylor, CEO of software company MicroStrategy, last month, which came after a tweet indicating he was tempted to buy Bitcoin

Together with Jack Dorsey’s fintech firm Square, MicroStrategy used its own balance sheet to buy Bitcoin last year

“If you want to do your shareholders a $ 100 billion favor, convert the TSLA balance sheet from USD to #BTC,” said Michael Saylor, chief executive of MicroStrategy

MicroStrategy is hosting an event next week called “Bitcoin for Corporations.” When asked by CNBC’s Morgan Brenner which companies would be attending, Saylor said simply that there are “thousands of executives, officers and directors and advisors from Company will give “

Musk became the richest man in the world earlier this month after a surge in Tesla shares helped his fortune surpass that of Amazon CEO Jeff Bezos

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World News – AU – Bitcoin up 20% after Elon Musk added #bitcoin to his Twitter bio