Bitcoin has broken out over the last few days, climbing almost 15% since the beginning of the week.
The bitcoin price has climbed as MicroStrategy MSTR chief executive and bitcoin advocate Michael Saylor hosts a virtual bitcoin conference to help companies buy bitcoin and Visa Vrevealed its plans to help banks roll out bitcoin-buying services.
Now, Elon Musk, Tesla’s TSLA meme-happy chief executive, has sent the “joke” cryptocurrency dogecoin sharply higher, tweeting: “Dogecoin is the people’s crypto.”
Musk, who this week said he would be going “off Twitter for a while,” added: “No highs, no lows, only doge.”
Last week, Musk sent the bitcoin price sharply higher when he gave bitcoin a long-awaited tacit endorsement following restrictions being placed on the trading of company shares that have become a battleground for bullish retail traders organised via Reddit’s WallStreetBets forum and Wall Street hedge funds that have long been shorting the stocks.