It has been reported that Cointelegraph Markets and TradingView showed BTC/USD spiking to $38,000 as users began to notice that Elon Musk was now publicly advertising Bitcoin.
However, the move comes amidst major anticipation from investors that BTC will be the next asset to receive a boost, either from a figure like Musk or from lay consumers affiliated with the now notorious Reddit group r/WallStreetBets.
The report said that Musk had previously singlehandedly pumped the price of several cryptoassets notably meme-based Dogecoin (DOGE), with just one or a handful of tweets. DOGE, along with stocks GameSpot and AMC, all surged with the ensuing regulatory retaliation causing uproar and increasing cryptocurrency’s reputation as an independent investment.
Bitcoin blasts above $37K overnight! Did Elon Musk just load up the BTC rocket ship to take it to Mars? https://t.co/TffkUmQjLV (Reporting via @CointelegraphMT) — Cointelegraph (@Cointelegraph) January 29, 2021
Popular Twitter account Documenting Bitcoin summarized:
“This should be your wake up call to get your #Bitcoin off exchanges.”
Likewise, for Musk, who at one time had “former Dogecoin CEO” in his bio, no explanation of the move towards Bitcoin had been made public at the time of writing, with only a characteristically cryptic tweet coming afterward.
“In retrospect, it was inevitable.”
As per the sources, Musk has a chequered history when it comes to Bitcoin, with previous tweets making it impossible to tell if he owned or even liked the largest cryptocurrency.
On January 29, BTC/USD had yet to match $GME or others, reversing at $37,000 to trade slightly lower and still within an established corridor. As proponents noticed his update, messages of support came rolling in fast.
Robert Breedlove, author of “Thank God for Bitcoin,” responded:
Thus, Bill Barhydt, the CEO of Abra, said:
“Elon has discovered interplanetary money. Buckle up.”