U.S. Markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.24 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.10 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.04
    -1.53 (-2.86%)
     
  • Gold

    1,827.70
    -23.70 (-1.28%)
     
  • Silver

    24.83
    -0.97 (-3.77%)
     
  • EUR/USD

    1.2085
    -0.0079 (-0.6526%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • Vix

    24.34
    +1.09 (+4.69%)
     
  • GBP/USD

    1.3583
    -0.0057 (-0.4143%)
     
  • USD/JPY

    103.8000
    -0.0420 (-0.0404%)
     
  • BTC-USD

    36,130.16
    +348.99 (+0.98%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • Nikkei 225

    28,519.18
    -179.12 (-0.62%)
     

Elon Musk Calls Bitcoin 'BS' In Tawdry Tweet, Causes 20% Dogecoin Surge

Catherine Ross
·1 min read

What Happened: Elon Musk has commented on the rapidly increasing price of Bitcoin and, shall we say, how it affects one’s ability to concentrate.

He added that he thinks Bitcoin is “almost as bs as fiat money.”

Musk later also tweeted in support of Dogecoin, a cryptocurrency he has supported before. The cryptocurrency went up by 20% after that, according to TradingView.

Why It Matters: The Tesla Inc (NASDAQ: TSLA) and SpaceX founder has a history of poking fun at cryptocurrencies. He previously said he owned "only 0.25 bitcoins" in a conversation with a Harry Potter creator J.K. Rowling on Twitter.

And in July, Musk tweeted about Dogecoin, jokingly calling himself a former Dogecoin CEO in his bio. The digital currency rose by 14% in a matter of hours.

Price Action: Bitcoin was trading at $23,720 as of about noon on Sunday, EST. It briefly surpassed the $24,000 level on Saturday for the first time in its history.

Dogecoin was trading at $0.00444.

Photo source: everipedia.org

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.