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Illustration photo by Chesnot / Getty Images
The price of bitcoin rose 3% on Thursday after Elon Musk released a vague tweet with a reference to dogecoin and an image of a crypto-thematic ring.
The digital asset rose $ 2,000 to trade around $ 46,102.22 at 10.55am GMT, after being stuck around $ 43,800 the day before.
In his tweet, Musk said, “Frodo was the underdog, Everyone thought he would fail, especially himself,” apparently in reference to the Lord of the Rings trilogy. Dogecoin only saw a 0.8% jump to $ 0.07, but it is still up 1300% since the start of the year.
@ elonmusk / Twitter
Read more: A Ruffer portfolio manager invested a portion of his $ 4.8 billion fund in Bitcoin. Here’s what prompted him to bet on crypto – and the 2 other ways he hedges against disturbing speculative bubbles
Earlier this week, the token received its biggest endorsement after Tesla revealed a $ 1.5 billion bitcoin investment. This pushed the price of bitcoin to a record high of $ 48,000.
“These are just the first steps in business adoption as digital currencies begin to play a bigger role in robust balance sheet management,” said Nathan Cox, chief investment officer at investment firm Two Premium.
One analyst said Tesla’s move was a massive victory for the crypto crowd and that acceptance in the financial community was what she had been looking for – and this move ticks both boxes.
“It seems something more powerful than Elon Musk’s Twitter account is the financial might of the company he co-founded and led,” said Craig Erlam, senior market analyst at OANDA. “I’m a little surprised it’s not enough to push $ 50,000 if I’m being honest, but it’s surely only a matter of time. There doesn’t seem to be much appetite to sell at this point. . “
Read more: UBS says bitcoin is a bubble and too volatile to diversify a portfolio, unlike gold – here’s why the bank says it could end up ‘worthless’
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