Elon Musk Calls Bitcoin 'BS' In Tawdry Tweet, Causes 20% Dogecoin Surge

What Happened: Elon Musk has commented on the rapidly increasing price of Bitcoin and, shall we say, how it affects one’s ability to concentrate.

He added that he thinks Bitcoin is “almost as bs as fiat money.”

See also: Today’s Dogecoin Price

Musk later also tweeted in support of Dogecoin, a cryptocurrency he has supported before. The cryptocurrency went up by 20% after that, according to TradingView.

Why It Matters: The Tesla Inc TSLA and SpaceX founder has a history of poking fun at cryptocurrencies. He previously said he owned "only 0.25 bitcoins" in a conversation with a Harry Potter creator J.K. Rowling on Twitter.

See also: How to Buy Bitcoin (BTC)

And in July, Musk tweeted about Dogecoin, jokingly calling himself a former Dogecoin CEO in his bio. The digital currency rose by 14% in a matter of hours.

Price Action: Bitcoin was trading at $23,720 as of about noon on Sunday, EST. It briefly surpassed the $24,000 level on Saturday for the first time in its history.

Dogecoin was trading at $0.00444.

Photo source: everipedia.org