Elon Musk the billionaire founder of Tesla TSLA +0.8% who’s ridden the electric car-marker’s soaring share price toward to the top of the world’s rich lists this year, has boosted the price of bitcoin.
The bitcoin price, after dipping under $30,000 per bitcoin this week, suddenly leaped 20% higher after Musk changed his Twitter bio to “#bitcoin” and posted: “In retrospect, it was inevitable.
Musk’s comments come after free-trading app Robinhood sparked an almighty row yesterday by restricting users from trading GameStop GME -0.2% and other stocks that have become a battleground for bullish retail traders organised via Reddit’s WallStreet Bets forum and Wall Street hedge funds that have long been shorting the stocks.
Robinhood, who joined other brokerages in limiting trader’s access to the frothy stocks, has said it plans to lift restrictions later today.
Following the ban, traders flocked to the famously-free-for-all cryptocurrency market, with dogecoin—a tongue-in-cheek bitcoin rival previously named by Musk as his “fav” cryptocurrency—adding a blistering 500% and climbing to just outside the cryptocurrency top ten.
Musk’s bio change, as well as sending the bitcoin price sharply higher, was cheered by the bitcoin and cryptocurrency community.
“Bitcoin becomes the flag of technology, and all web services gradually get rebuilt on crypto,” technology investor and former Coinbase chief technology officer Balaji Srinivasan said via Twitter. “We’re going back to our roots: encryption, privacy, peer-to-peer, the rights of the individual, free expression, and decentralization of power.”