Elon Musk has become Bitcoin’s biggest influencer, like it or not

6 min read . Updated: 23 May 2021, 06:00 PM IST AKANE OTANI, The Wall Street Journal

With the cryptocurrency down about 40% from its peak, some investors are unhappy with Tesla CEO’s tweets

When Elon Musk speaks, bitcoin investors listen.

The Tesla chief executive’s often-cryptic messages have sent bitcoin’s price on a roller-coaster ride this year. Prices soared nearly 20% one January morning when he added “#bitcoin" to his Twitter biography. They jumped 16% in a single day the following month after Tesla Inc. revealed it bought $1.5 billion worth of the cryptocurrency.