LONDON: Bitcoin jumped as much as 14% to a two-week high after Tesla Inc chief Elon Musk tagged the cryptocurrency in his Twitter biography.
Musk wrote simply “#bitcoin” in his biography on the social media site. The world’s biggest cryptocurrency was up 10.2% at $36,901 as of 1005 GMT.
The billionaire entrepreneur, followed by 43.8 million users on Twitter, has a record of making market-moving comments on the site.
GameStop Corp, which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted “Gamestonk!!”, along with a link to the Reddit Wallstreetbets stock trading discussion group. There, supporters affectionately refer to him as “Papa Musk.”
“Stonks” is a tongue-in-cheek term for stocks widely used on social media.
