On Thursday, the world’s richest man and owner of Tesla conglomerate Elon Musk extended support to the highest cryptocurrency buzz Bitcoin. Post Musk support, Bitcoin has seen the highest rise ever since. On Thursday one bitcoin was rated equivalent to $40,000.
The price increase came as Elon Musk appeared to throw his backing behind the cryptocurrency, changing his Twitter bio to simply “#bitcoin”, alongside its “B” symbol.
The cryptocurrency also seems to have benefited from the increased interest in other financial instruments that have followed the GameStop affair, in which a Reddit thread encouraged users to buy shares in the ailing video games retailer to hurt a hedge fund.