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Elon Musk Adds #bitcoin to Twitter Bio Fueling Speculators

Mashable | | Jan 29, 2021

Elon musk adds bitcoin to twitter profile - Elon Musk Adds #bitcoin to Twitter Bio Fueling Speculators

As the man himself said, it was inevitable.

On Friday, Tesla CEO Elon Musk changed his Twitter bio to "#bitcoin." This alone perhaps wouldn't be that interesting — after all, Musk expressed his interest in Bitcoin and cryptocurrencies before — but Musk followed up with a cryptic tweet that might indicate he's actually bought some Bitcoin.

"In retrospect, it was inevitable," Musk tweeted.

This could mean anything and nothing. It could be related to DOGE, a joke cryptocurrency Musk is a fan of and has recently been tweeting about. Or it could be related to something that's not crypto-related.

See:  What the MicroStrategy Deal — and Others Like It — Means for the Future of Bitcoin and Altcoin Prices

However, cryptocurrency Twitter immediately started speculating about Musk buying Bitcoin, or even Tesla investing a part of its cash pile into the cryptocurrency. Software company MicroStrategy has invested a massive amount of money into Bitcoin in recent months, and its CEO Michael Saylor has been vocal about Bitcoin being a better alternative than cash for a company's reserves.

In December, Saylor actually offered Musk — through Twitter — some advice on how to purchase large amounts of Bitcoin in a company's name.

At this point, we don't know what, exactly, Musk has referred to in his latest tweet, or whether he or Tesla own, or plan to own, any Bitcoin. But that didn't stop speculators from driving the price of Bitcoin up by 19 percent in less than an hour, up from roughly $32,000 to just short of $38,000. The pump has now subsided, and the price is sitting at around $36,000.

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