Lately, cryptocurrencies, especially Bitcoin, are the topics that Elon Musk speaks about. It affects the price of Bitcoin as well.

The leading cryptocurrency due to its market cap, Bitcoin, to be a hot topic on social media. Elon Musk talked about Bitcoin at Clubhouse. A few days ago, Elon changed his bio on Twitter to “#bitcoin,” and, as a result, Bitcoin surged to $38k. This time Elon talked broadly about Bitcoin. He began carefully by saying, “I have to watch what I say here because it tends to move the markets.” He mentioned that his friends were trying to convince him to buy Bitcoin for a long time. “I think that Bitcoin is a good thing. I am a supporter of Bitcoin.” 

Even though we consider Elon as the most innovative person in the business world, what he said next can shock some people. “I am late to the party, but I am a supporter of Bitcoin. Bitcoin is on the verge of getting broad acceptance from conventional finance people.” If the conventional finance people get bitcoin, then the price of Bitcoin can skyrocket.

Price of Bitcoin

During the conversation, Bitcoin again gained momentum began to increase in price. The last time when Elon made bitcoin his bio, the price increased from $32k to $38k, but during the day, the price dwindled. Before the stream on Clubhouse, Bitcoin was $33,700, and during the stream, it increased by $1,000. However, it could not stay there and decreased $34,000 gradually. At the time of writing, Bitcoin was $34,100


Record in Unique Addresses

Parallel to the price increase, the number of addresses increased too. The great interest in Bitcoin in January was mainly due to the significant price increase. Bitcoin doubled its price in less than a month. According to the Glassnode, the number of addresses in January hit the highest monthly number of 22.3 million. If we look back to 2017, the number of active addresses was 21.6 millionIf Bitcoin continues to go bullish in February, then it can increase further as well.

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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.