The price action is fun, but the larger significance is about decentralized alternatives to today’s financial system.
This episode is sponsored by Nexo.io.
Last night, Tesla and SpaceX founder Elon Musk changed his Twitter profile to a single word: “bitcoin.” He also tweeted a cryptic message: “In Retrospect, It Was Inevitable.”
The price of bitcoin surged in the wake of the tweet, as did Google searches for “bitcoin.” The price increases liquidated some $387 million in short positions.
In this episode, NLW breaks down the market reaction to Musk, the significance of the tweet and why it all connects to the larger story of WallStreetBets, Robinhood and shifting financial power.
See also: Elon Musk-Prompted Bitcoin Price Surge Causes Liquidation of $387M in Shorts
Image credit: Kevork Djansezian/Getty Images News