Bitcoin appears to have soared over the last few days and now it is taking a rather stagnant market off-board. It is sending the price for Bitcoin higher and higher and now it has reached well over 27%. It is now above $5,000 per Bitcoin and this has happened for the very first time this year. The price has now been trapped in a trend and this has happened over the last couple of months. There has however been a sudden sell-off. This happened in November and this absolutely exploded out of the gates. It then slowly gathered some of its pace back in March and now it is really coming back. This confirms speculation that a Bitcoin bull-run is absolutely imminent. Now it should be noted that the Tesla chief, Elon Musk has surprised everyone by saying that the dogecoin is actually his favorite currency. This is ahead of Bitcoin, and it should be stated that he has absolutely praised this previously. Tesla CEO has also stated that he thinks that Bitcoin and other currencies really do have the potential to become way more important to the society and general economy. Musk is better known for his meme-ing on Twitter and he also runs three major US firms. He has several engineering companies and he has released a Twitter pole. He is actually shown to be the favorite to take on the mantle that is dogecoin. He had 49% of the vote. Musk beat most of his competition and this includes the co-founder Vitalik Buterin. He also beat Charlie Lee and even Marshall Hayner too. He has stated that Dogecoin may be his favorite currency and that it is “pretty cool”. This sent the price for dogecoin up by over 27%. Musk is often seen trying to engage people with Bitcoin and he is always trying to raise awareness too.
Musk then changed his biography on Twitter to show that he is actually the former CEO and owner of dogecoin. This accompanied a meme with a caption, that said “dogecoin rulz”
This could be a slight dig at the well-known US Securities commission. Of course, it’s a known fact that he has fallen foul of this by tweeting information that could be seen as being market-moving. This is especially the case when you look at his electric car company. This is known as Tesla and he has even tweeted something that said “dogecoin value may vary”.
Of course, it should be noted that the Bitcoin price did not rally after Elon Musk praised it. This is shocking to say the least, but only time will tell what is going to happen next.