Bitcoin rose by up to 20% after Elon Musk added “#bitcoin” to his description on Twitter. Thus, the value of the cryptocurrency reached 36,686 dollars, after falling below the threshold of 30,000 twice in the last week, according to CNBC.

“Looking back, it was inevitable,” the Tesla chief later said.

The changes come in a week marked by volatility in the United States, as the shares of companies such as GameStop and AMC have seen massive increases due to small investors in the Reddit platform, which targeted hedging funds on Wall Street.

In a similar move, the Dogecoin cryptocurrency reported an 800% gain at one point in just a few hours.

Bitcoin remains at 13% below the record set on January 8 – about $ 41,980 – but is up 25% from the first day of the year so far.

Earlier, Elon Musk posted on Twitter “gamestonk”, a word game consisting of GameStop and stonk, an alternative term for “stocks” (shares), and the company reported an increase of about 150%.

The billionaire’s posts continue to create speculation about whether the Tesla CEO will buy large amounts of bitcoin or add cryptocurrency to the car company’s balance sheet.

Elon Musk recently surpassed Amazon boss Jeff Bezos and became the richest man in the world, with an estimated $ 199 billion Bloomberg Billionaires Index fortune.