Elon Musk Calls Bitcoin BS In Tawdry Tweet, Causes 20% Dogecoin Surge – Benzinga
What Happened: Elon Musk has commented on the rapidly increasing price of Bitcoin and, shall we say, how it affects one’s ability to concentrate.
— Elon Musk (@elonmusk) December 20, 2020
He added that he thinks Bitcoin is “almost as bs as fiat money.”
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
Musk later also tweeted in support of Dogecoin, a cryptocurrency he has supported before. The cryptocurrency went up by 20% after that, according to TradingView.
One word: Doge
— Elon Musk (@elonmusk) December 20, 2020
Why It Matters: The Tesla Inc (NASDAQ: TSLA) and SpaceX founder has a history of poking fun at cryptocurrencies. He previously said he owned “only 0.25 bitcoins” in a conversation with a Harry Potter creator J.K. Rowling on Twitter.
And in July, Musk tweeted about Dogecoin, jokingly calling himself a former Dogecoin CEO in his bio. The digital currency rose by 14% in a matter of hours.
Price Action: Bitcoin was trading at $23,720 as of about noon on Sunday, EST. It briefly surpassed the $24,000 level on Saturday for the first time in its history.
Dogecoin was trading at $0.00444.
Photo source: everipedia.org
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