In Retrospect, It Was Inevitable: Elon Musk Pumps Bitcoin to Space

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The price action is fun, but the bigger impact concerns decentralized alternatives to today’s financial system.

This episode is sponsored by Nexo.io.

Last night, Elon Musk, founder of Tesla and SpaceX, changed his Twitter profile to a single word: “Bitcoin”. He also tweeted a cryptic message: “In retrospect, it was inevitable.”

The price of Bitcoin rose in the wake of the tweet, as did Google’s search for “Bitcoin”. The price increases liquidated short positions of around USD 387 million.

In this episode, NLW breaks down the market reaction to Musk, the importance of the tweet, and why it all relates to the bigger story of WallStreetBets, Robinhood, and the shift in financial power.

See Also: Elon Musk-Prompted Bitcoin Price Surge Leads To Liquidation Of $ 387M In Shorts

Photo credit: Kevork Djansezian / Getty Images News