Price of Bitcoin jumps again as Elon Musk says the cryptocurrency is a 'good thing'

Tesla CEO Elon Musk's latest comment on Bitcoin has led to a jump in its price on February 1. Musk said that he was a “supporter” of cryptocurrency and that sent bitcoin stocks flying. Musk has also changed his Twitter bio to '#bitcoin'. w in a chat on social media app Clubhouse, Musk said that "Bitcoin is a good thing" and ded that he was "late to party" in backing world's biggest cryptocurrency. He also said that Bitcoin is on verge of getting broer acceptance by conventional finance people and furr clarified that he did t have a “strong opinion” on or cryptocurrencies.  

Netizens report jump in Bitcoin price 

Following his comments, Twitter users reported a jump in Bitcoin price again. Those who were tuned in to listen to what Musk h to say about bitcoin. moved to micro-blogging website to amplify his thoughts on platform. Here are some trending tweets;

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Bitcoin h surged to above $38,000 on Friday after Musk changed his biography on Twitter to simply “#bitcoin”. His dition of bitcoin to his social media profile came after much speculation about wher Tesla CEO will buy bitcoin or d cryptocurrency to his electric car firm’s balance sheet. Musk even me helines after a Twitter exchange with Michael Saylor, CEO of software company MicroStrategy last month, which came after a tweet suggesting that he was tempted to buy bitcoin. 

“If you want to do your shareholders a $100 billion favour, convert $TSLA balance sheet from USD to #BTC,” Saylor said at time. In response, Musk said: “Are such large transactions even possible?”

Musk has a record of making market-moving comments on site. Earlier, GameStop Corp, which has been at centre of retail tring frenzy, surged 50 per cent after Musk tweet “Gamestonk”, along with a link to Reddit Wallstreetbets stock tring discussion group. Bitcoin, on or hand, jumped over 300 per cent last year, as bigger US investors and corporations sought exposure to cryptocurrency. It also touched an all-time high of $42,000 last month. As per reports, digital coin is still about 13 per cent off its all-time high but up around 25 per cent since start of year. Bitcoin more than qurupled over course of 2020, with crypto bulls citing increased institutional investment as a driving force of rally.

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