At the end of last week, only one word appeared in the description of the Twitter account of the world famous entrepreneur Elon Musk – “#Bitcoin“. And when this happened, Bitcoin reacted with a sharp rise in price: in just a few minutes, the value of the cryptocurrency increased by $ 6,000.
In addition, Elon’s act began a new flash mob on Twitter, as many other famous personalities added the Bitcoin tag to their account descriptions. Let’s talk about what is happening in more detail.
By tradition, let’s start with an explanation: the mention of Bitcoin in the description of Elon Musk’s Twitter account did not appear by chance. Thus, the main entrepreneur of the world reacted to the recent situation with the growth of the shares of GameStop, which was provoked by the subscribers of the WallStreetBets channel. We wrote about what was happening in detail.
In short: a group of Internet users and a certain channel on a social platform were outraged by the actions of large hedge funds, which made money on the fall in GameStop shares and, in addition, themselves provoked this fall. Online traders decided to take revenge on the financiers for the injustice and undertook to buy up shares, thereby increasing their rate. As a result, due to the growth, large players were forced to close short positions and fix huge losses.
In response to WallStreetBets’ actions, several trading platforms – including the popular Robinhood app – have suspended trading in GME shares, thereby protecting short fund money. This caused a flurry of indignation on the Internet, and the famous American politician and member of the US House of Representatives Alexandria Ocasio-Cortez even reacted to it.
This movement has essentially become a symbol of the fight against global financial injustice, which, among other things, is provoked by the actions of the inhabitants of Wall Street. Elon Musk also spoke out against hedge funds. He does not respect the method of making money on falling stocks of companies, which he quite understandably said on his Twitter.
You cannot sell a home that you do not have. You cannot sell cars that you do not have. However, you can sell shares that you do not have !? This is bullshit, stock shorting is a scam. It is only legal for secondary reasons.
Musk then published the already legendary post “In retrospect it was inevitable” and put the word “Bitcoin” in his profile description. It looks like this.
The appearance of Bitcoin in Elon’s biography generated a lot more excitement, as his personality is much better known in almost all circles. In addition, he recently managed to achieve the title of the richest man on Earth. Investors and fans of cryptocurrencies reacted to the event, as a result of which the BTC rate jumped sharply from 32 to 38 thousand dollars. However, this did not last long: this morning, Bitcoin is at the level of $ 33,486.
Here is a graph of the value of a blockchain asset, which shows the beginning of growth.
And although Bitcoin had already sagged, Elon’s actions had a much longer lasting effect: celebrities followed Musk’s example and began adding the name of the main cryptocurrency to their profile descriptions.
Why Bitcoin has grown
At least ten major profiles of the social platform, Bitcoin was highlighted in the description, and the audience of the accounts covers more than 60 million subscribers. And these accounts aren’t just focused on the cryptocurrency space. Some of them are owned by famous bloggers and even American football stars, Decrypt reports.
A prime example is Russell Okung, striker of the Carolina Panthers football team, who tweeted with the following content.
All of you, write #Bitcoin in your bio. Place a flag to declare that you are ready for the future. Send me a screenshot so I know how many of us there are.
Two other celebrities who have changed their biographies are Tyler and Cameron Winklevoss – twin brothers who created the Gemini cryptocurrency exchange.
In total, their number of subscribers exceeds the mark of 770 thousand people, that is, the impact on the audience is more than serious.
Alexis Ohanyan, co-founder of the Reddit platform, did the same with his Twitter account.
Note that Elon Musk is not the first billionaire to praise the main cryptocurrency on Twitter. The CEO of the social platform itself, Jack Dorsey, did something similar back in February 2020. Dorsey has 5 million subscribers, and everyone has long known about his belief in Bitcoin. Last October, financial payments company Square, also led by Dorsey, invested $ 50 million in Bitcoin.
We believe that Elon Musk’s attention to Bitcoin and the publication of the name of the cryptocurrency on his profile is a huge positive for the blockchain asset industry. And we are not talking about a banal price increase, but about the popularization of technology. Obviously, there are enough people among Ilona’s subscribers who have heard about the crypt, but did not find the time to contact her. Now they have more than a good reason to rectify the situation.