Sometimes a jump in bitcoin’s value can be hard to explain. However, its recent rally in late January had an obvious reason. This time, Elon Musk was the one to send bitcoin to new highs. Curiously enough, the CEO of Tesla and SpaceX, just like former US President Donald Trump, can also move the markets with its Twitter posts. Thus, bitcoin jumped from $32,000 to $37,000 after Elon Musk added the hashtag #bitcoin to its Twitter account. ”In retrospect, it was inevitable,” the billionaire said about BTC. Right after this comment, bitcoin skyrocketed by as much as 15% in just 30 minutes, although a pullback followed afterward. Yet the fact remains that Musk's tweets can significantly influence the opinion of large market players as well as savvy investors. It is not the first time that the entrepreneur has caused a spike in an asset. For instance, he supported Dogecoin, a cryptocurrency inspired by a popular meme. Musk tweeted “Doge”, thus sparking a 30% surge in the virtual currency. In addition, Elon Musk has reportedly stimulated a rally in GameStop stocks. On January 27, the shares of the video games retailer soared by 130%. As a result, brokers had to restrict trading in the company’s stocks.
