Bitcoin price rose Monday after Tesla billionaire Elon Musk said he was a “supporter” of the cryptocurrency.
“Bitcoin is a good thing,” Musk said in comments aired Monday on the Clubhouse social audio app. Musk said he was “late for the party” to endorse Bitcoin.
Bitcoin rose to over $ 38,000 on Friday after Musk changed his biography from Twitter to “#bitcoin” on the social network.
Last week, he hopped on the GameStop train and tweeted “Gamestonk,” a game featuring stock market memes, along with a link to the WallStreetBets forum on Reddit, where users had come together to add value to the game’s stock.
Musk added in his clubhouse comments that his tweets about Dogecoin, another less popular cryptocurrency, “were actually just jokes.” The value of the Dogecoin cryptocurrency, which was marked with a Shiba Inu meme, increased sharply when Musk tweeted about it.
When he first appeared on the app, he also made a number of notable claims, including that Neuralink, a company he founded to control computers with the human brain, implanted a microchip in a monkey’s brain to use video games could play.
Musk became the richest person in the world earlier in the year when the share price of Tesla, the US electric car pioneer, soared. In the past few weeks he has used his sizeable following to talk about other investments.
Musk was one of the characters in a Star Wars-style poster that was posted on the WallStreetBets page for an imaginary film about the GameStop madness on Monday. The imaginary film was titled Diamond Hands, a reference to investors who maintain their extremely risky financial bets even in the most volatile conditions.
His consolation for online culture has long been evident, with the CEO posting memes regularly, including on financial topics. However, it has also created problems for him and his company. In 2019, Musk reached an agreement with the US Securities and Exchange Commission after tweeted that he had “secured the funding” to take Tesla private for $ 420 per share.
The tweet caused a sharp rally in Tesla shares, but it was later revealed that there was no funding, and there was suspicion that Musk picked the $ 420 number because of his associations with cannabis culture.