Tesla founder Elon Musk wrote #bitcoin on his Twitter bio with no furtherexplanation, but speculation that the world’s richest man might be aBitcoin investor.

Bitcoin surged above$38,0oo after the Elon Musk’s cryptic move and theprices soared as much as 15% in a couple of minutes, the biggest intradayprogress in almost a year.

Antoni Trenchev, managing partner and co-founder of Nexo in London said“Obviously this huge melt-up is due to Elon’s tweet,”

The word’s richest man’s support for Bitcoin “creates a safe zone for someof the smaller companies and possibly everyone in the S&P 500 to allocateinto Bitcoin,” he said.

Elon Musk also tweeted an image of a “Dogue” magazine cover featuring awhippet in a red sweater – a play on the fashion magazine “Vogue.”

He also sent posts calling Cyberpunk a great video game and said, “Inretrospect, it was inevitable.”