World's richest man, Tesla and SpaceX CEO, Elon Musk has altered his bio on Twitter and replaced it with the hashtag #bitcoin, sending BTC to increase over 20% to a high of $38,5k on January 29.
Elon Musk, the enigmatic CEO of both Tesla and SpaceX, took the crypto world by storm on Friday when he changed his bio on Twitter to include only one word and hashtag: #bitcoin.
Although Musk has not confirmed any purchases of Bitcoin, either for himself or any of his companies, the BTC market reacted positively and surged from 32k to over 38k, increasing more than 20% at its peak. The price has since cooled down and BTC is currently trading around 35-36k at the time of writing.
Musk, who also happens to be the world’s richest man, has long been flirting with the Bitcoin, Dogecoin, and general crypto community, so this move doesn’t come as much of a surprise. Additionally, Musk has been increasingly critical of the relentless printing of the US dollar, stating that “the dollar is shorting itself” and “paper money is going away.”
There has been widespread speculation whether Musk was planning to include Bitcoin in Tesla’s balance sheet as a hedge against an inflating US dollar. A public exchange on Twitter between MicroStrategy’s CEO Michael Saylor and Musk further raised suspicion of this, when Musk asked if Bitcoin can handle such large transactions to support a movement of funds from Tesla’s balance sheet.
We might need to wait until February 3-4 to get confirmation whether Musk will be adding BTC to his companies’ balance sheet, as MicroStrategy will be hosting a highly anticipated “Bitcoin For Corporations Event” then. This event will gather thousands of executives, directors, and officers of major multinational companies in a virtual conference, where legal compliance and accounting around MicroStrategy’s entry into Bitcoin will be shared with all attendees.
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Misha Lederman
Director of Communications at Klever.io
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