Elon Musk, the CEO of Tesla may have contributed to the soaring price of Bitcoin in recent months. Musk, who recently announced that the electric car maker, Tesla would start accepting bitcoin payments had in a tweet a week ago promoted Bitcoin.
A filing by the company with the Securities and Exchange Commission stated:
“We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,”
Some market watchers have expressed concerns that the support Musk gave cryptocurrencies such as Bitcoin and Dogecoin on Twitter amount to a pump action that may have contributed to the surge in the price of the digital assets.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
Apart from Musk, celebrities such as Snoop Dogg and Kiss bassist Gene Simmons also tweeted about Dogecoin which has seen record prices since then.