Elon Musk Calls Bitcoin 'BS' In Tawdry Tweet, Causes 20% Dogecoin Surge

What Happened: Elon Musk has commented on the rapidly increasing price of Bitcoin and, shall we say, how it affects one’s ability to concentrate.

pic.twitter.com/EbOjGshvrq

— Elon Musk (@elonmusk) December 20, 2020

He added that he thinks Bitcoin is “almost as bs as fiat money.”

See also: Today’s Dogecoin Price

Bitcoin is almost as bs as fiat money

— Elon Musk (@elonmusk) December 20, 2020

Musk later also tweeted in support of Dogecoin, a cryptocurrency he has supported before. The cryptocurrency went up by 20% after that, according to TradingView.

One word: Doge

— Elon Musk (@elonmusk) December 20, 2020

Why It Matters: The Tesla Inc TSLA and SpaceX founder has a history of poking fun at cryptocurrencies. He previously said he owned "only 0.25 bitcoins" in a conversation with a Harry Potter creator J.K. Rowling on Twitter.

See also: How to Buy Bitcoin (BTC)

And in July, Musk tweeted about Dogecoin, jokingly calling himself a former Dogecoin CEO in his bio. The digital currency rose by 14% in a matter of hours.

Price Action: Bitcoin was trading at $23,720 as of about noon on Sunday, EST. It briefly surpassed the $24,000 level on Saturday for the first time in its history.

Dogecoin was trading at $0.00444.

Photo source: everipedia.org