Photo illustration by Chesnot/Getty Images
The price of bitcoin rose by as much as 6% on Thursday after Elon Musk posted a vague tweet with a reference to dogecoin and an image of a crypto-themed ring.
The digital asset rose by $3,000 to trade around $47,516 around 9:20 a.m. ET, after it was stuck around $43,800 the previous day.
In his tweet, Musk said: "Frodo was the underdoge, All thought he would fail, Himself most of all," seemingly in a reference to the Lord of the Rings trilogy. Dogecoin saw only a 0.8% jump to $0.07, but it's still up 1300% year-to-date.
@elonmusk/Twitter
Earlier this week, the token got its biggest endorsement after Tesla disclosed a $1.5 billion bitcoin investment. That pushed bitcoin's price to a record high of $48,000.
"These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management," said Nathan Cox, chief investment officer at investment firm Two Prime.
One analyst said Tesla's decision was a massive win for the crypto crowd and acceptance within the financial community is what it has long sought - and this move ticks both of those boxes.
"It seems that one thing more powerful than Elon Musk's Twitter account is the financial power of the company he co-founded and leads," said Craig Erlam, senior market analyst at OANDA. "I'm a little surprised it wasn't enough to push $50,000 if I'm honest, but it's surely only a matter of time. There doesn't appear to be much appetite to sell at this point."
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