Bitcoin soars 14 pct after Tesla chief Elon Musk namecheck on Twitter

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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.

Elon Musk, founder of the Musk Foundation. (AP)
Elon Musk, founder of the Musk Foundation. (AP)

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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