Criticizing institutions for being bullish on Bitcoin, Musk becomes another destabilizing factor in the market

The value of Bitcoin surged more than 20% to $38,566 after the world's richest man, Elon Musk, changed his Twitter profile to #Bitcoin on January 29. Meanwhile, Musk's comments on other stocks helped boost related stocks.

Chinese media Tencent US Stocks reported on February 2 that less than 24 hours before expressing his favor for Bitcoin, Musk said via Twitter that a new model of Tesla's Model S car will allow passengers to play the game "Cyberpunk 2077", prompting the stock price of CD Projekt, the developer of the computer game, to soar by more than 12%.

Dan Lane, an analyst at UK trading app Freetrade, said: "There is a strange irony in Elon Musk's ability to manipulate the market while attacking what he sees as dysfunctional short sellers. Perhaps it is finally time to discuss the legality of this practice."

Musk also tweeted recently: "I kind of like Etsy." Subsequently, the stock of the online craft marketplace soared 9%.

The U.S. Securities and Exchange Commission (SEC) is a regulatory agency established in the 1930s to protect investors. When asked by the media whether it was concerned that Musk's tweets could affect stock movements, the SEC declined to comment. The New York Stock Exchange also declined to comment. (Baijiahao)