Bitcoin blows past the US$11,000 level; Elon Musk denies being its mysterious inventor

The surge of Bitcoin has continued today, with the value of the cryptocurrency blowing past the US$11,000 level, new record highs having only pushed through US$10,000 yesterday, as billionaire Elon Musk has denied being its mysterious inventor.

Not true. A friend sent me part of a BTC a few years, but I don’t know where it is.

— Elon Musk (@elonmusk) 28 November 2017

Neil Wilson, market analyst at ETC Capital commented: “The madness of crowds is well documented, but it is quite something to behold in the flesh.  It’s hard to keep up with this – Bitcoin just flew past the $11k mark, leaping $200 in barely five minutes before taking another big leg higher.”

He added: “It’s up more than 14% today alone and the YTD chart is simply staggering. There are no fundamentals or technicals that explain this other than it being a massive speculative bubble.

“It’s hard to say precisely where we are in the curve, but the shape of the chart is parabolic and this sort of thing never, ever lasts.  So far it’s following the playbook for a speculative bubble to the letter.”

Wilson concluded that: “The big question is whether we have reached the euphoric stage or are still in the boom phase. The other question is when to get out before panic sets in. Whilst this appears like a classic bubble, Bitcoin could have a lot, lot further to run before it blows.”

As the bitcoin surge continues, billionaire electric car pioneer and space rocket developer Elon Musk has denied that he is the inventor of the cryptocurrency coin, according to a Guardian Online report.

The newspaper’s website said Musk – the boss of Tesla Motors Inc (NASDAQ:TSLA), CEO of Space Exploration Technologies, and co-founder of PayPal Inc – responded to a blog post circulating on several crypto-currency sites claiming that he is Satoshi Nakamoto, the mysterious creator of bitcoin who has never been conclusively identified.

In a Tweet yesterday, Musk said “Not true. A friend sent me part of a BTC [bitcoin] a few years, but I don’t know where it is.”

The Guardian report said Musk was responding to a post on Medium last week in which writer Sahil Gupta floated the idea that based on Musk’s history of innovation across tech disciplines.

Story by ProactiveInvestors