Posted 6 months ago | by @devadmin
Bitcoin surged suddenly at around 3:30 a.m. EST this morning, adding $5,000 or 20% in an hour at a price of $38,020.
Musk added #Bitcoin to his Twitter bio earlier Friday morning and sent out a cryptic tweet, “In retrospect, it was inevitable.”
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
The former CEO of Dogecoin, Musk caused Bitcoin to surge as high as $38,020 and sparked $387 million worth of short liquidations on major exchanges, including Binance, Bitfinex, BitMEX, ByBit, Deribit, FTX, HuobiDM, and OKEx, Coindesk reported.
This comes after SatoshiStreetBets sub-Reddit was used to pump up the price of Dogecoin to 0.08 cents, a meme coin in form of a protest against Wall St’s FinTech apps like Robinhood, WeBull, and many others for preventing trading of AMC, GME, and other stocks. Dogecoin was up 800% in the last 24 hours at one point and is still continuing to surge. Ironically Musk did a massive short squeeze to help pump Bitcoin exactly like Wall Street Bets did when pumping AMC, GME, and others, just by adding one word to his bio, “Bitcoin.”
Musk also recently helped extend a rally in GameStop’s share price after tweeting “GameStonk!” while linking to the WallStreetBets Reddit community.
Musk has previously suggested buying Bitcoin after a Twitter exchange with Michael Saylor, the CEO of Microstrategy.
“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC,” MicroStrategy boss Michael Saylor said at the time.
In response, Musk said: “Are such large transactions even possible?”
Are such large transactions even possible?
— Elon Musk (@elonmusk) December 20, 2020
Another factor that could have pushed the price up, is that MicroStrategy is holding an event next week titled “Bitcoin for Corporations,” where “thousands of executives, officers and directors and advisors of corporations,” according to Saylor. Could Elon Musk be one of these CEOs that will be in attendance? We don’t know but considering Musk responded to Saylor on Twitter. He may be involved in some way as a surprise guest.
Saylor further noted he’s confident the next four weeks could bring about bullish action for the number one digital asset.
Besides Saylor, top executives from the crypto industry have also pledged that they will attend the event next week. Some of the big names include Grayscale CEO Michael Sonnenshein, Stone Ridge Asset Management Chief Executive Ross Stevens, Coinbase’s head of institutional sales Brett Tejpaul, Fidelity Digital Assets, Kraken CEO Jesse Powell, Gemini’s chief of business development Dave Abner and many more people.
Microstrategy now owns at least 70,000 Bitcoin worth just over $1.1 billion after its Bitcoin-buying spree last summer. Saylor, who has been outspoken about Bitcoin ever since his company decided to make the cryptocurrency its primary Treasury reserve asset. Many speculate that Elon Musk is getting ready to put some of Tesla’s balance sheet into Bitcoin.
Bitcoin is currently trading at [FIAT: $34,380.97] UP +4.6% in the last 24 hours, according to Coingecko at the time of this report.