Elon Musk Tweets, Bitcoin Rises, and Repeat

Bitcoin finally fell below the key $30,000 support line last week, having fluctuated in the $30,000 - $40,000 range for nearly two months. However, within a very short space of time, Bitcoin shot up again to go above $32,000. The catalyst? Elon Musk...again.

Elon Musk has a long and interesting history with Bitcoin and cryptocurrency in general. Some holders of meme coin Dogecoin (DOGE) have become millionaires thanks to the TESLA CEO’s tweets on DOGE.

Such is the South African’s influence, that just telling people he owns Bitcoin causes the price to rise. This week, during his appearance at the B Word conference, the SpaceX founder said that along with the Bitcoin owned by Tesla and his rocket firm SpaceX, he personally possessed Bitcoin and other digital currencies Ethereum and Dogecoin.

When asked if he pumps and dumps, Elon Musk replied: "I might pump, but I don't dump... I definitely do not believe in getting the price high and selling... I would like to see Bitcoin succeed."

Elon’s Words Matter

The result of Elon Musks’ words? Bitcoin soared almost 10% instantly. This is not the first time that Bitcoin’s price has surged on the back of the billionaire’s words or tweets. Over the last few years, Bitcoin and Dogecoin have enjoyed gains (and sometimes falls) after an Elon tweet or comment. Words do matter, especially when they are from one of the world’s richest people.

Because this isn’t the first time Bitcoin’s price has soared due to Elon’s words, we should now know what to expect. Smart Bitcoin traders will look out for what Elon has to say and has to tweet on cryptocurrencies. They know his words, no matter how short or cryptic, will result in a change in Bitcoin’s price. Sometimes. Elon doesn’t even need to tweet words. On more than one occasion, a simply tweeted bitcoin emoji has resulted in a price spike.

Take note people!

Start watching out for Elon Musks’ tweets and words on Bitcoin and reap the benefits of this knowledge trading Bitcoin at EVBlocks.