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Bitcoin jumped as much as 14% on Friday to a two-week high after Tesla Inc chief Elon Musk changed his Twitter biography to #bitcoin.
Commenting on the rise in Bitcoin, Paolo Ardoino, CTO at Bitfinex said:
"Bitcoin may be going into another rapid ascent. An increasing recognition of bitcoin’s distinctive traits should outlast the current GameStop interest. While nascent, cryptocurrencies have the potential to invert the power structure of inequitable financial markets that are weighted against retail investors."
“A little ignored fact is that technology underpinned the financial crisis of 2008. It was technology that linked the sub prime debt to the esoteric derivatives products that so spectacularly blew up. In a similar vein, it is the democratization of technology that has accelerated the GameStop short squeeze. The cat is out of the bag. I won't speculate on whether this is a one-off event or not, but I’m confident that these types of social channels have the potential to cause further disruption to the status quo and challenge the financial elite.”
