Bitcoin and other crypto skyrocket: three guesses by whom

Ezra Finch
2 min readMar 20, 2022
https://unsplash.com/photos/DCCt1CQT8Os

Crypto coins such as bitcoin, ether and dogecoin briefly became more valuable on Monday after comments from Elon Musk. The ceo of companies such as Tesla and SpaceX said on Twitter that he owns several digital coins and that he does not intend to sell them.

That Elon Musk has a major influence on crypto prices, became clear earlier. For example, this photo of his dog once caused an extreme rise in the memecoin Shiba Inu (SHIB). Now his comment was less cryptic in nature.

Bitcoin skyrockets after tweet Elon Musk

Elon Musk’s comment caused bitcoin to make up for its 2.9 percent loss in a short period of time. Ether rose 2.3 percent after the message from the Tesla boss, after which profits fell back a bit. Dogecoin’s gain of more than 4 percent was the largest among crypto coins in recent hours.

Elon Musk, the world’s richest person ever, is, as mentioned, no stranger to social media posts about cryptos. Last spring, he said he doesn’t have a dogecoin and would sell it. This coin was once created as a joke in 2013, but was partly embraced by Musk. In October, Musk said he owns bitcoin, ether and dogecoin.

Billionaires among themselves

This time, Elon Musk answered a question about the likely rate of inflation in the coming years. Billionaire Michael Saylor, chief executive of tech firm MicroStrategy and a prominent proponent of bitcoin, wrote that “weaker currencies will collapse” and that there will be a flight from capital such as cash, debt and value stocks to scarce assets such as bitcoin.” The Tesla CEO responded by stating that Saylor’s conclusion is “not entirely unpredictable.” In the final quarter of 2021, MicroStrategy was forced to put a write-off of $147 million on the books due to the depreciation of bitcoin.

Bitcoin was worth 1.2 percent more on Monday at $38,633, according to CoinmarketCap, which tracks the prices of digital coins. The digital currency has been seen by proponents for years as a safe haven in turbulent times, as a kind of ‘digital gold’. Ether rose 1.6 percent in value to $2578. Dogecoin was worth 4.4 percent more. The coin costs just over 11 cents.

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