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Market Musings

Elon Musk Taking a Break from Social Media After Backing Bitcoin

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Published on:
February 2, 2021

The Tesla CEO helped BTC surge by thousands of dollars last week when he added the hashtag #bitcoin to his Twitter bio.

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Elon Musk has announced that he’s taking a break from social media.

 

The Tesla CEO has certainly been busy of late — sending a flurry of tweets about Wall Street Bets and cryptocurrencies.

 

Musk helped BTC surge by thousands of dollars last week when he added the hashtag #bitcoin to his Twitter bio.

 

After making the high-profile endorsement, he wrote: “In retrospect, it was inevitable.”

 

The eccentric entrepreneur has made it clear that he fully supports the Wall Street Bets crusade against short sellers — describing the practice as a “scam.” Tesla has long been a target for this high-risk trading strategy, but bears ended up losing a staggering $38 billion as the electric vehicle maker’s share price continued surging.

 

As reported by CoinMarketCap yesterday, Musk recently took part in a discussion on the Clubhouse app where he revealed that he is a supporter of Bitcoin… but admitted that he’s rather late to the party.

 

The Tesla CEO said he believes BTC is on the brink of achieving “broad acceptance” in conventional finance circles.

 

We’ll have to wait and see when Musk returns to Twitter, where he has 45 million followers.

 

It’s fair to say that Musk is something of an enthusiastic user on the social network, where he’s tweeted more than 13,400 times.

 

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