When Elon Musk tweets, people trade. Bitcoin jumped as much as 14% on early Friday, hitting a two-week high.
Fueling the buying: the Tesla CEO simply wrote #bitcoin in his bio on the Twitter site.
It’s not the first time he has broached the subject. In a Twitter exchange with a bitcoin advocate last month, he asked about the possibility of converting “large transactions” of Tesla’s balance sheet into that digital currency. Musk has a record of making comments on Twitter that move the markets. Nearly 44 million users follow the billionaire entrepreneur .
On Thursday shares of Polish games producer CD Projekt rocketed higher after Musk posted a tweet expressing his admiration for its video game, Cyberpunk 2077, writing “The esthetics of Cyberpunk are incredible btw…”
And three days ago, GameStop surged 50% after Musk tweeted, “Gamestonk!!” along with a link to the Reddit Wallstreetbets chat room. “Stonks” is Internet slang for stocks, and in that forum, GameStop supporters affectionately refer to him as “Papa Musk.”