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Musks Bitcoin Investment Follows Months of Twitter Talk

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Feb 8 Reuters Teslas 1.5 billion Bitcoin investment unveiled on Monday may not surprise CEO Elon Musks followers on Twitter, where he has shown himself as a major proponent of the soaring cryptocurrency.

The announcement of Teslas investment, buried in Teslas 2020 annual report, follows months of tweets by Musk related to cryptocurrencies including Bitcoin, sometimes helping fuel its rally.

The cryptocurrency jumped 10 on Monday following Teslas disclosure.

In a December exchange on Twitter, Musk asked MicroStrategy CEO Michael Saylor, who recommended Tesla buy Bitcoin, about the possibility of large transactions to convert some of Teslas balance shit to the cryptocurrency.

Saylor is a Bitcoin bull and his software company has bought around 41,000 bitcoins, currently worth close to 1.7 billion. MicroStrategys stock jumped 18 on Monday, bringing its gain in 2021 to 146 as traders view it as a play on Bitcoin.

Replying in May to a tweet by author J.K. Rowling about Bitcoin, Musk wrote that massive debt taken on by central banks made Bitcoin more attractive. He added that he owned only a quarter of a bitcoin, which was trading below 10,000 at the time.

Last month, Musk added Bitcoin to his Twitter profile, sparking a 14 surge in the digital currency, and in December he tweeted, Bitcoin is my safe word.

Driven in part by interest from institutional investors, the price of Bitcoin has quadrupled since in the past four months, surging far beyond record highs set in…

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