Tesla CEO Elon Musk found his magic touch can boost value in a cryptocurrency even when he calls Bitcoin “B.S.”
Musk referenced Dogecoin in a series of tweets on Sunday, one of which warned potential investors, “One Word: Doge.” And that promptly sent its worth on a 20% rise over the next several hours, landing it among the trending Twitter topics. Rarely one to stifle his own opinions, Musk also updated his Twitter bio to facetiously refer to himself as “Former CEO of Dogecoin.”
Musk’s comments aside, Bitcoin has seen a dramatic push—all the way up to $24,000 the past few days—as it finds a foothold with investors and businesses concerned with the U.S. dollar.
Dogecoin actually began as a joke, spinning from a meme in 2014 that used “doge” (a picture of a Shiba Inu dog). It now has a market value of nearly $570 million.
This isn’t the first time Musk has tweeted about Dogecoin. Musk, also the SpaceX CEO, revisited his July tweet that came with an image of a Shiba Inu in a massive dust storm swarming a city and the words “It’s inevitable.” That reference sent Dogecoin shares up 14% at the time.
Investors may heed the advice of Dogecoin founder Jackson Palmer who wrote, “It’s difficult to predict how much the current crypto bubble will inflate, or when it’ll burst (not if).”
Backers of cryptocurrency don’t all agree. MicroStrategy In. CEO Michael Saylor told Reuters that Bitcoin is an answer; not a question. “Every CEO faces the challenge of how to preserve and enhance shareholder value in the face of this year’s unprecedented monetary expansion,” Saylor said. “Bitcoin is the best solution to the store of value problem faced by every individual, investor and corporation on earth.”