The ‘Musk Effect' in cryptocurrency markets
In January 2021, the price of Bitcoin rose from about $32,000 to $38,000 within a few hours, which corresponded to a $111 billion increase in market capitalization. This increase followed the following event: Elon Musk, founder of companies such as Tesla or SpaceX, adjusted his Twitter profile bio by exclusively using the word ‘#bitcoin' for his account description. At that time, it was still unknown to the public that the automaker Tesla had made a substantial investment in Bitcoin.
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