‘Moon Very Soon’— Elon Musk spurs Bitcoin on as BTC price jumps

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Bitcoin has suddenly surged higher, hitting $60,000 per bitcoin for the first time since mid-March. “… going to moon very soon,” Elon Musk said via Twitter, shortly after the bitcoin price surged.
The bitcoin price hit highs of $61,240 on the Luxembourg-based Bitstamp exchange before falling back slightly, increasing 5% in 24 hours. Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market cap after bitcoin, rose to a new ATH above $2,100.
The main reason of the bitcoin price surge was not immediately clear, however, a cryptic tweet from Tesla billionaire and bitcoin-buyer Elon Musk has spurred the $2 trillion cryptocurrency market higher.
“… going to moon very soon,” Elon Musk said via Twitter, right after the Bitcoin price jumped, perhaps referencing the popular “bitcoin to the moon” meme and sparking speculation Musk’s rocket company SpaceX could follow Tesla in investing in Bitcoin.
“SpaceX buying bitcoin?” asked Danny Scott, the chief executive of Isle of Man-based bitcoin and cryptocurrency exchange CoinCorner, in reply to Musk’s tweet.
At the end of last year, Elon Musk set the bitcoin and cryptocurrency market alight when he tweeted about the possibility of making large bitcoin purchases. In the following weeks, Tesla added $1.5 billion worth of bitcoin to its balance sheet.
Meanwhile, Musk has continued to talk up his favorite cryptocurrency on Twitter, the “joke” bitcoin rival Dogecoin. On April 1, Musk said his private rocket company SpaceX is going to put a “dogecoin on the literal moon”—sending the price of the meme-based cryptocurrency up 35%.
BTC price has doubled so far in 2021, climbing from just under $30,000 per bitcoin. The broad cryptocurrency rally has seen the entire crypto market more than double to reach a combined value of over $2 trillion, with ethereum increasing 1,200% over the last 12 months.
Ethereum has risen after beginning a long-awaited upgrade and has been boosted by the growth of DeFi—using crypto technology to reinvent traditional finance, largely on ethereum’s blockchain.
Bitcoin’s rally, kicked off by news PayPal would begin to support bitcoin and some other cryptocurrencies in October, has gathered pace as long-awaited institutional adoption of bitcoin and cryptocurrencies started to materialize.
Bitcoin has also seen its reputation as “digital gold” grow in 2020 thanks to renowned investors like Paul Tudor Jones naming it as a hedge against inflation.
“Until recently, established brokers, advisors and banks wrote-off crypto as ‘too volatile’—as they did with today’s household tech brands 20 years ago, failing to recognize it as a legitimate asset-class in advice issued to investors,” Stephen Kelso, head of capital markets at ITI Capital, said in emailed comments.
“Now we’re seeing a dramatic change in approach from asset and wealth managers, who increasingly advise their clients that bitcoin is a preferential investment over gold.”

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