Elon Musk Calls Bitcoin 'BS' In Tawdry Tweet, Causes 20% Dogecoin Surge
What Happened: Elon Musk commented on the rapidly rising price of Bitcoin and, as we say, how it affects the ability to concentrate.
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He added that he thinks Bitcoin is "almost as bad as fiat money".
Musk later also tweeted in support of Dogecoin, a cryptocurrency he previously endorsed. The cryptocurrency then rose 20%, according to TradingView.
Why It Matters: The founder of Tesla Inc (NASDAQ: TSLA) and SpaceX has made fun of cryptocurrencies in the past. He previously said he owns "only .25 bitcoins" in a conversation with Harry Potter creator J.K. Rowling on Twitter.
And in July, Musk tweeted about Dogecoin, jokingly calling himself a former Dogecoin CEO in his bio. The digital currency rose 14% within a few hours.
Price Action: Bitcoin was trading at $ 23,720 around noon on Sunday, EST. For the first time in its history, it briefly topped the $ 24,000 level on Saturday.
Dogecoin was trading at $ 0.00444.
Photo source: everipedia.org
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