Bitcoin surged early on Friday after Elon Musk tagged the cryptocurrency in his Twitter biography.
The price of bitcoin
BTCUSD,
was last up 12.3% at $37,351, according to CoinDesk prices, after the Tesla
TSLA,
chief executive appeared to express support for the cryptocurrency. After changing his Twitter
TWTR,
bio to #bitcoin, he then tweeted “In retrospect, it was inevitable.”
Twitter Chief Executive Jack Dorsey — a vocal supporter of bitcoin — had the same bio as Musk early on Friday but it’s unclear when the platform’s founder made the change.
Earlier this week, Musk waded into the battle between short sellers and retail traders over videogames retailer GameStop
GME,
tweeting a link to Reddit’s WallStreetBets forum along with the word “Gamestonk!!”