The stock market has performed incomprehensibly well since the bottom in connection with the corona crisis in March last year: 70 percent up.

But it is still barely measurable compared to the cryptocurrency bitcoin.

Anyone who bought bitcoin at the same time and sold it this weekend got their money back almost ten times.

But after that, bitcoin has plummeted by 20 percent.

The risk is therefore great.

The rise in the last two months has been fueled by the globe's most unlikely private financial adviser: Elon Musk.

Because when he does not sell electric cars, work on getting to Mars or build high-speed tunnels to avoid "soul-killing traffic", he has been tweeting about cryptocurrencies for some time.

And the 47 million followers, and many more, are devouring the message.

Just before Christmas, Elon Musk tweeted "Bitcoin is my safe word".

On January 29, he changed his twitter profile to #bitcoin.

This caused the price to rise 19 percent in seven hours.

Just over a week later, it became public that Tesla had invested 1.5 billion dollars of cash in bitcoin.

Got the course to rush

Tesla will also accept bitcoin as payment for the car.

The price rose directly by 10 percent.

This weekend, a bitcoin cost SEK 480,000.

This means an increase of 150 percent just before Christmas.

Now, of course, there is something other than Elon Musk who runs the bitcoin course.

Large institutions have been investing in bitcoin recently.

The beta service PayPal accepts bitcoin and several other cryptocurrencies.

More than Elon Musk believes that bitcoin can eventually become the established means of payment in many parts of the world.

There are crucial problems with cryptocurrencies

But: there are a number of crucial issues with bitcoin and other cryptocurrencies.

There is no underlying value, and no central bank backing it.

Therefore, it also goes up and down very sharply.

For those who invested in bitcoin at the beginning of 2018, for example, and kept them during the year, 76 percent of the value was obliterated at the end of the year.

The transactions are anonymous and are therefore used for money laundering and terrorist financing.

The transactions are also cumbersome and time consuming.

This makes it difficult with regular payments.

The new US Treasury Secretary Janet Yellen warned about this on Monday night.

Continues to tweet

Elon Musk himself has since Friday tweeted out an explainer with the message that it is as stupid not to understand bitcoin as it was not to grasp the greatness of replacing barter with gold coins.

And the assessment that the price of bitcoin "do seem high lol".

He has also repeatedly tweeted about another cryptocurrency, dogecoin, which really started as a joke.

Recently, he tweeted a picture that people on the chat forum Reddit associated with dogecoin, which was enough for them to invest heavily in dogecoin and send the course up - before it, of course, dropped just as fast.