Bitcoin rose sharply early Friday after Elon Musk tagged the cryptocurrency on his Twitter bio.

According to CoinDesk prices, the price of Bitcoin BTCUSD (+ 3.74%) last rose by 12.3% to USD 37,351 after the CEO of Tesla TSLA (-5.02%) apparently expressed his support for the cryptocurrency . After changing his Twitter TWTR, -2.02% bio, to #bitcoin, he tweeted, “In retrospect, that was inevitable.”

Jack Dorsey, chief executive of Twitter – a backer of Bitcoin – shared the same biography as Musk earlier Friday, but it’s unclear when the platform’s founder made the change.

Earlier this week, Musk got into the battle between short sellers and retailers for video game retailer GameStop GME (+ 67.87%),
Tweet a link to Reddit’s WallStreetBets forum along with the word “Gamestonk !!”