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Elon Musk Triggers Huge Bitcoin Breakout, After Defending Tesla’s Latest BTC Investment

Elon Musk has been boosting Bitcoin for a while now and Tesla recently also said out in the open that they invested in the king coin.

This boosted the price of Bitcoin a lot and it seems that Musk’s moves continue to affect the price for the king coin.

Bitcoin has been seeing new ATHs with the market cap above $1 trillion and the king coin definitely has Musk to thank for this.

Musk addresses Tesla and its BTC investment

The Tesla chief executive responded to a Bloomberg interview of Binance CEO Changpeng Zhao to explain why the car company decided to add BTC to the corporate treasury.

“Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company,” he said.

He continued and said: “To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla. However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The keyword is ‘almost.’”

The SpaceX head also changed his Twitter avatar into a Bitcoin anime “just for a day.”

The online publication the Daily Hodl notes that after Musk’s latest Bitcoin antics, the king coin broke out of consolidation around $50,000 en route to a new all-time high of $56,412 and a market capitalization of over $1.05 trillion, according to CoinMarketCap.

According to a study from Blockchain Research Lab (BRL), Musk’s activity on Twitter can have an immediate and significant impact on BTC’s performance.

“Last month, when the billionaire entrepreneur changed his Twitter bio to “#Bitcoin,” the price of the flagship cryptocurrency promptly skyrocketed from $32,119 to $38,415, which resulted in a spike of cumulative abnormal return(CAR) of 18.99% within 7 hours,” the publication mentioned above noted.

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