Elon Musk says Bitcoin 'on the verge' of being more widely accepted

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Around the same time he made the change to his Twitter bio, the Tesla and SpaceX founder also tweeted: "In retrospect, it was inevitable". At the time of reporting Bitcoin price jumped by more than $6,000 and is now trading over $38,000.

The traders caused a surge in GameStop's share price, causing a short squeeze and hurting hedge funds who had shorted the stock.

Billionaire Elon Musk said on Monday bitcoin was "on the verge" of being more widely accepted among investors as he expressed his support for the cryptocurrency.

Robinhood, one of the brokerages that limited trading, said it is planning to lift the restrictions Friday, Forbes reported.

However, the price has since corrected and is now trading at about $35,500, at the time of this writing. One of the cryptocurrencies - Dogecoin - has increased by 975%.

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Musk made a reference to Bitcoin, the most popular currency in the crypto money market, on Twitter, and wrote #bitcoin in the description section of his profile.

Earlier, Elon Musk stated in a podcast that Bitcoin could replace cash in the future.

Last month, Musk inquired about converting "large transactions" of Tesla's balance sheet into bitcoin in a Twitter exchange with Microstrategy CEO Michael Saylor.

World's richest man Elon Musk recently updated his twitter bio and mentioned Bitcoin promoting the cryptocurrency among his followers worldwide. Musk also briefly talked about Dogecoin, the meme-coin he has tweeted about in the past, saying that he "occasionally" makes "jokes about Dogecoin".

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