Bitcoin surpasses $ 37,000 as Elon Musk changes his Twitter bio

Bitcoin rose more than 12% after Elon Musk changed his bio on Twitter to „#bitcoin“.

This skyrocketing comes as the stock prices of GameStop (GME) and Dogecoin (DOGE) register huge rises fueled by the community of r / wallstreetbets on Reddit.

After days of consolidation, Bitcoin bulls appear to be back.

Bitcoin’s price rose 12% after Tesla CEO and world’s richest man Elon Musk changed his bio on Twitter to write “#bitcoin”.

Elon Musk welcomes Bitcoin bulls

Tesla CEO and World’s Richest Man Elon Musk sparked a spectacular Bitcoin (BTC) rally today after changing his Twitter bio to “#bitcoin”.

The price of the main cryptocurrency on the market rose more than 12% within 30 minutes of the switch. Musk himself followed suit, tweeting “Come to think of it, it was inevitable”.

The CEO of Tesla is best known for posting a tweet from time to time about the popular digital currency in the memes world ( DOGE ), which earned him the honorary title of CEO of Dogecoin. His last tweet on the DOGE was posted on Christmas Day, which caused the price to skyrocket.

Some are speculating that Tesla might consider adding cryptocurrency to its treasury, which would likely spark another rally in Bitcoin. At the time of this article’s layout, BTC is trading at around $ 37,300.

Social media week

When it comes to social media and investment markets, this week was unlike any other.

Reddit users of the popular r / wallstreetbets subreddit have come together to support video game distributor GameStop (GME). Elon Musk also posted a tweet about it recently.

The trading activity fueled by Reddit looked a lot like the early days of Bitcoin, when forums like bitcointalk dominated the space.

Several large funds saw an opportunity to short sale

The expression „shorting bitcoins“ (in English „shorting“ or „short“) is widely used by traders, and just …

on the GME, but Reddit users reversed their position. Some of these funds therefore left their positions with a massive loss.

The effect of this “victory” against Wall Street players then spilled over into the cryptocurrency markets. This time, Reddit users took to the DOGE, pushing it up from $ 0.007 to an all-time high of $ 0.07797. This represents a remarkable increase of over 1000% in less than 36 hours.

The future is bright

Indeed, Musk’s tweets may mark a pivotal moment for Bitcoin. The top cryptocurrency consolidated at around $ 32,000 all week, briefly dropping below the $ 30,000 mark on Wednesday.

Even though institutional investors continued tobuy bitcoins

Bitcoin, or BTC, is considered dangerous for those unfamiliar with the space. But, just like the myths according to …

, many in the cryptocurrency community thought a further correction could ensue before any rally.

However, as is usually the case with BTC, unexpected support could have triggered a course change. Bitcoin bulls are back, and Elon Musk could now be one of them.

USDA proposes blockchain registration for organic supply chain

The U.S. Department of Agriculture has proposed to modify its rules on organic products to include the implementation of blockchain technology to track their supply chain.

According to an August 5 report from the U.S. Department of Agriculture’s Agricultural Marketing Service (AMS) (USDA), the agency said it expects electronic tracking systems, including distributed recording technology (DLT), to play a „critical role“ in the traceability of its organic supply chain.

Nestlé unveils its blockchain tracking pilot program

„DLT can provide secure, verifiable, transparent and near-instantaneous item-level tracking in complex supply chains,“ the report states. „Fundamentally, DLT can also protect confidential business information and trade secret information by automatically restricting sensitive information to authorized entities.

However, the agency acknowledged that using an emerging technology like DLT would require additional time and development before a system could be implemented in the organic food industry.

US seafood giant Bumble Bee Foods to use Ethereum Code blockchain technology in supply chain
„Barriers to the widespread adoption of an electronic monitoring system include inadequate access to technology and connectivity in rural areas, acceptance of universal electronic standards (interoperability) and cost sharing,“ the proposed amendment states.

Test cases for supply chains

S4 and IBM to support agricultural supply chain with access to climate, AI and Blockchain data
The USDA report did not mention blockchain technology by name, but cited several pilot programs as references, including Walmart, which uses blockchain traceability systems for mangoes and pork, the Swiss-based food retail giant Nestlé, which is testing a public blockchain for its milk supply chain, and Bumble Bee Foods, a U.S.-based seafood company, which oversees Indonesia’s yellowfin tuna supply chain.

Any individual, company or organization involved in the global supply chain of organic agricultural products that is not currently required to be certified under the existing USDA program may review the proposed regulation and submit comments by October 5.