RIOT Stock Price Increases Over 16%: Why It Happened

By Amit Chowdhry ● June 14, 2021
  • The stock price of Riot Blockchain Inc (NASDAQ: RIOT) increased by over 16% during intraday trading today. This is why it happened.

The stock price of Riot Blockchain Inc (NASDAQ: RIOT) increased by over 16% during intraday trading today. Investors are responding positively to the increase in the price of bitcoin.

Riot Blockchain is known for focusing on cryptocurrency mining operations. The increase in bitcoin price was driven by statements by recent statements by Tesla CEO Elon Musk and hedge fund executive Paul Tudor Jones.

In an interview with CNBC, Jones said: “I like bitcoin as a portfolio diversifier. Everybody asks me ‘what should I do with my bitcoin?’ The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time, I don’t know what I want to do with the other 80% until I see what the Fed is going to do.”

And Tesla CEO Elon Musk disclosed that the electric vehicle company will accept bitcoin again when there is confirmation of reasonable clean energy usage by the cryptocurrency miners. Below is the tweet:

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.