Price of bitcoin jumps after Elon Musk says it is 'a good thing'

The price of bitcoin rose on Monday after Elon Musk, the billionaire Tesla chief executive, said he was a “supporter” of the cryptocurrency.

“Bitcoin is a good thing,” Musk said in comments broadcast on social audio app Clubhouse on Monday. Musk said he was “late to the party” in backing bitcoin.

Bitcoin had surged to above $38,000 on Friday after Musk changed his biography on the Twitter social network to simply “#bitcoin”.

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