By 
Elon Musk
Bitcoin jumped as much as 14% on Friday to a two-week high after Tesla CEO Elon Musk tagged the cryptocurrency in his Twitter biography.
Musk wrote simply “#bitcoin” in his biography on the social media site. The cryptocurrency was trading at $37 800 as of 11.36am South African time.
The billionaire entrepreneur, followed by 43.7 million on Twitter, has a record of making market-moving comments on the site.
GameStop, which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted “Gamestonk!!”, along with a link to the Reddit Wallstreetbets stock trading discussion group.
There, supporters affectionately refer to him as “Papa Musk”.
“Stonks” is a tongue-in-cheek term for stocks widely used on social media.
In December, Musk asked about the possibility of converting “large transactions” of Tesla’s balance sheet into bitcoin, in a Twitter exchange with a well-known advocate for the digital currency. — Reported by Tom Wilson, (c) 2021 Reuters
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