Elon Musk and the meteoric rise of Bitcoin
In a turbulent week whereby a billionaire sent the price of Bitcoin surging, The Commentator examines the implications for the credibility of cryptocurrency and the watershed moment whereby investment in crypto became a mainstream practice The price of bitcoin rocketed on Monday after Elon Musk, the entrepreneur and billionaire Tesla CEO, publicly announced that he was a ‘supporter’ of the cryptocurrency in a social media post. He said, “Bitcoin is a good thing,” in a broadcast on social audio app Clubhouse on Monday. Musk said he was “late to the party” in backing bitcoin. Since then Bitcoin prices have rise to above $38,000 on Friday after Musk changed his biography on the Twitter social network to simply “#bitcoin”, adding fuel to the investor frenzy.