Elon Musk Updates Twitter Bio To 'Bitcoin,' Cryptocurrency Skyrockets

Tesla Inc. TSLA CEO Elon Musk’s Twitter bio now reads just one word, and it is “#bitcoin.”

What Happened: The description is accompanied by Musk’s latest tweet that says "In retrospect, it was inevitable.” It isn’t immediately clear if the world’s richest person is referring to change in his Twitter bio or another event.

In retrospect, it was inevitable

— Elon Musk (@elonmusk) January 29, 2021

The Tesla CEO earlier on Thursday sent out a tweet with a picture of a dog in it that was interpreted to be a show of support for joke cryptocurrency Dogecoin, which soared more than 800% after the move.

See also: How to Buy Bitcoin (BTC)

Now, Bitcoin is outshining Dogecoin’s gains soaring 18.29% as of press time at $37,760.88. Ethereum traded 6.2% higher at $1,357.97.

Why It Matters: Members of the cryptocurrency community have long speculated about Musk's stance on Bitcoin. While the Tesla CEO has often touted Dogecoin, likely as a joke, he hasn't been as outspoken about Bitcoin.

In a tweet earlier this month, Musk suggested that he would not mind being paid in Bitcoin.

Musk making a public statement in favor of Bitcoin comes amid the short squeeze led by retail investors of Reddit's r/WallStreetBets community.

The billionaire entrepreneur's lack of love for short sellers is well known but he has heightened his criticism in the midst of the controversy.

SkyBridge Capital’s Anthony Scaramucci earlier this week said the short squeeze in stocks like GameStop Corp. GME ultimately serves as a positive backdrop for Bitcoin.

As per Scaramucci, the GameStop rally is a symbol of decentralized finance and democratization of the business of money management. 

Photo courtesy: JD Lasica Wikimedia