I woke up and as always I took a look at coinmarketcap, my surprise? Bitcoin rising another 10% in the last 24 hours, reaching $ 44,000 a unit.
But what made it happen?
Looking at the news, it was probably because of Elon Musk, his Tesla Motors company announced an investment of $ 1.5 billion in bitcoin, in addition to announcing that it will accept Bitcoin as a means of payment.
In addition, Elon Musk occasionally uses his twitter to talk about crypto currency. If you look at the image below you will notice that Elon Musk has more than 46 million followers worldwide, a great exposure for any asset he quotes in his tweets.
What about DogeCoin?
Despite announcing bitcoin as a new payment method for Tesla, Elon Musk often tweets about dogecoin, perhaps because of the meme “To the Moon” and his dream of exploring space.
Below is a small comparison of google searches(United States only) between bitcoin(red) and dogecoin(blue) in the last 7 days:
Elon musk chose Bitcoin because of its liquidity and because it is accepted by many financial institutions. But he loves Dogecoin.
Reference: reuters