Elon Musk updated his Twitter profile to include the bitcoin hashtag early Friday morning. And when Musk does something like this, he has the power to influence the market. The price of bitcoin spiked following his profile update. And as we’ll see, he’s not the only prominent figure giving the popular cryptocurrency a boost today.
As of 11:15 a.m., bitcoin was around $37,400 per token, up 17.7% over the previous 24-hour period, according to digital currency news site CoinDesk. And stocks that mine and hold bitcoin were soaring as well.
Even a cryptocurrency called Dogecoin was in the news. It’s up roughly 225% over the past 24 hours and is now in the top 10 largest cryptocurrencies by market capitalization. While I’d normally ignore Dogecoin (considering it was created as a joke), I believe it’s relevant to what’s going today, as we’ll see in a moment.