It is not often that so few words send such a poignant message. Elon Musk’s Tweet on January 29th, which coincided with his Twitter bio change to simply the hashtag “#bticoin”, sent Bitcoin rallying but it wasn’t until today that the significance of this statement was fully understood.
A recent filing with the SEC has disclosed a $1.5 billion purchase of Bitcoin by car maker Tesla. TSLA pre-market shares rallied by 2.57% while Bitcoin shot up by 14% to breach new highs above $44,000 moments after the filing was made public.
ETH followed suit, although to a lesser extent, seeing the price ratio of ETH/BTC tumble sharply from 0.042 to 0.038.
Elon, who is arguably the greatest technological visionary of our times, has just validated Bitcoin at the highest level. With large corporations and institutions now scrambling for BTC, we may be at the start of a new era for cryptocurrency price discovery.
Unfortunately for Ethereum maximalists, this story has eclipsed the launch of Ethereum futures contracts on the world’s largest derivatives exchange, CME Group. Expect enormous volatility in the days ahead.
The weekly price preview is due to be published shortly. Check back at ethereumprice.org for more.