Elon Musk, the Tesla billionaire and X owner, has exploded into the political limelight in recent months as a close advisor to U.S. president-elect Donald Trump—who has been pitched a “capital markets renaissance fueled” by bitcoin to “unlock trillions in wealth.”

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The bitcoin price has dropped back from its post-election peak of almost $110,000 per bitcoin, with the price predicted to be just weeks away from a “major” move.

Now, as Musk issues a stark U.S. bankruptcy warning, the Tesla billionaire has changed his name on X—sending the price of a small bitcoin rival surging by around 2,000%.

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