Bitcoin jumped as much as 14 percent on Friday to a two-week high after Tesla Inc chief Elon Musk tagged the cryptocurrency in his Twitter biography.
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Musk wrote simply “#bitcoin” in his biography on the social media site. The cryptocurrency was trading at $37,800 as of 0936 GMT.
The billionaire entrepreneur, followed by 43.7 million on Twitter, has a record of making market-moving comments on the site.
GameStop Corp, which has been at the center of retail trading frenzy, surged 50 percent on Tuesday after Musk tweeted “Gamestonk!!,” along with a link to the Reddit Wallstreetbets stock trading discussion group.
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There, supporters affectionately refer to him as “Papa Musk.” “Stonks” is a tongue-in-cheek term for stocks widely used on social media.
In December, Musk asked about the possibility of converting “large transactions” of Tesla’s balance sheet into bitcoin, in a Twitter exchange with a well-known advocate for the digital currency.
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