LONDON (Reuters) – Bitcoin jumped as much as 14% on Friday to a two-week high after Tesla Inc chief Elon Musk tagged the cryptocurrency in his Twitter biography.
Musk wrote simply â€œ#bitcoinâ€� in his biography on the social media site. The cryptocurrency was trading at $37,800 as of 0936 GMT.
The billionaire entrepreneur, followed by 43.7 million on Twitter, has a record of making market-moving comments on the site.
GameStop Corp , which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted â€œGamestonk!!â€�, along with a link to the Reddit Wallstreetbets stock trading discussion group.
There, supporters affectionately refer to him as â€œPapa Musk.â€� â€œStonksâ€� is a tongue-in-cheek term for stocks widely used on social media.
In December, Musk asked about the possibility of converting â€œlarge transactionsâ€� of Teslaâ€™s balance sheet into bitcoin, in a Twitter exchange with a well-known advocate for the digital currency.
Reporting by Tom Wilson; editing by Thyagaraju Adinarayan
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