Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio

Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio

The virtual currency climbed suddenly at around 3:30 a.m. ET, adding $5,000 in the space of an hour to trade at $37,299. Musk added #bitcoin to his Twitter bio earlier Friday morning and sent out a cryptic tweet, saying: “In retrospect, it was inevitable.” It adds to the wild volatility in markets this week, as the stock prices of heavily-shorted companies like GameStop surged dramatically.
Bitcoin skyrocketed as much as 20% on Friday after Elon Musk added the hashtag #bitcoin to his Twitter bio.

The virtual currency climbed suddenly at around 3:30 a.m. ET, adding $5,000 in the space of an hour to trade at $37,299, according to data from industry site CoinDesk. At 6:55 a.m. ET, it was trading almost 18% higher in the last 24 hours at $36,905.

Musk added #bitcoin to his Twitter bio earlier Friday morning. He also sent out a cryptic tweet, saying: “In retrospect, it was inevitable.”

It adds to the wild volatility in markets this week, as the stock prices of heavily-shorted companies like GameStop and AMC surged dramatically thanks to a rush of amateur investors inspired by the Reddit forum WallStreetBets.

Another subreddit group, SatoshiStreetBets, led investors to pump up the price of Dogecoin, a cryptocurrency inspired by the popular “doge” meme. Dogecoin was up 800% in the last 24 hours at one point.

Bitcoin’s price action had been relatively muted ahead of Friday. The world’s most valuable cryptocurrency hit an all-time high of $41,940 earlier this month before sinking sharply a week later. It briefly fell below the $30,000 mark just last week.

The digital coin is still about 13% off its all-time high but up around 25% since the start of the year. Bitcoin more than quadrupled over the course of 2020, with crypto bulls citing increased institutional investment as a driving force of the rally.

It’s not the first time Musk’s tweeting habits have led to a spike in the price of an asset. The entrepreneur most recently helped extend a rally in GameStop’s share price after hours Tuesday, after tweeting “GameStonk” and linking to the WallStreetBets Reddit community.

Meanwhile, shares of Poland’s CD Projekt surged as much as 12.6% Thursday after Musk tweeted that he liked the firm’s Cyberpunk 2077 game.

Musk’s addition of bitcoin to his Twitter profile comes after much speculation about whether the Tesla CEO will buy bitcoin or add the cryptocurrency to his electric car firm’s balance sheet.

The billionaire made headlines after a Twitter exchange with Michael Saylor, the CEO of software company MicroStrategy last month, which came after a tweet suggesting that he was tempted to buy bitcoin.

Along with Jack Dorsey’s fintech firm Square, MicroStrategy used its own balance sheet to buy bitcoin last year.

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC,” MicroStrategy boss Michael Saylor said at the time.

In response, Musk said: “Are such large transactions even possible?”

MicroStrategy is holding an event next week titled “Bitcoin for Corporations.” When asked by CNBC’s Morgan Brenner which companies would attend, Saylor simply said there will be “thousands of executives, officers and directors and advisors of corporations.”

Musk became the world’s richest man earlier this month, after a rise in Tesla shares helped his net worth surpass that of Amazon CEO Jeff Bezos.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×