Elon Musk has a huge impact on the cryptocurrency market. This is due both to his role as CEO of Tesla, which made Bitcoin part of his business, and thanks to his Twitter account.
As a result, when Musk posts about crypto on social media, the prices of Bitcoin and altcoins usually jump to new heights. All of this prompted London-based cryptocurrency trader Andrei Badoiu to create a bot that buys BTC whenever Musk tweets about digital assets. Badoyu said the bot could complete a trade within seconds of Musk’s tweet.
Elon Musk and his company Tesla are really influencing the cryptocurrency niche, and we have already seen evidence of this. For example, the richest man in the world had a hand in Dogecoin’s 800 percent growth in a day, which occurred at the end of January 2021.
In addition, Tesla’s announcements of a $ 1.5 billion investment in Bitcoin caused cryptocurrencies to rally above $ 43K and set a new all-time high.
Taking this into account, it is not surprising that traders want to buy cryptocurrencies immediately after such statements by Elon, in order to have time to make good money in a short time. And solutions for this already exist.
How to make money on cryptocurrencies
In an interview with the news outlet Decrypt, Badoyu noted that traders have long used similar tools to buy or sell stocks in response to comments from influencers. That being said, automated tools are especially suited to relatively young cryptocurrency markets, where tweets often have a strong impact on prices.
In theory, the Badoiu bot could allow users to make a profit by buying crypto right before the main stage of the price spike occurs. Traditionally, the reason for the latter is the reaction of subscribers to Musk’s tweet.
While a bot may appeal to many investors, it also requires some skill to set up. As shown on Badoiu’s website, potential bot clients should set it up using Twitter developer tools and an account linked to the MetaTrader 5 trading platform.
These are steps that are likely to be too difficult for the average cryptocurrency investor. However, Badoyu believes the project has generated considerable enthusiasm among developers and traders on both Reddit and GitHub.
Just one such bot trade – as well as a good investment in Bitcoin in general – can bring huge returns to the investor in the future. This was hinted at by the CEO of the Kraken crypto exchange Jesse Powell. The day before, he made a forecast according to which Bitcoin may well grow «to infinity» in dollar terms.
He also proposed alternative methods for measuring the value of a cryptocurrency. According to him, the value of the asset could grow from its current «price» of 1 BTC for the Tesla Model 3 «to 1 BTC for the Lamborghini» by the end of the year and to «1 BTC for the Bugatti» by 2023. Here’s a quote from Cointelegraph.
I think it’s easier to measure the value of Bitcoin with these things, because you never know where the dollar will be in the future. In a year, it could be ten times the US dollars, so the dollar-equivalent price gradually loses its meaning.
It is worth noting here that such a comparison and mention of sports cars was most likely a joke and only emphasized the unlimited growth potential of Bitcoin. Still, in real life, it is quite difficult to measure the value of an asset in items such as cars – and this is especially true for those people who are not associated with this industry. Therefore, Powell’s comments should be taken solely as a guideline for the growth of Bitcoin and an offer to think about the best methods for assessing its value.
Conclusion: Bitcoin can fly not only «to the moon», but further. There are practically no barriers to cryptocurrency and bullish market sentiment right now. And even negative news cannot shake the market so much as to prolong the bullish trend for a longer period.
Therefore, we believe that there is still a point in getting in touch with the blockchain asset industry – and especially now. Obviously, after Tesla’s decision to accept Bitcoin as payment for its cars, there is no way back for cryptocurrencies. Now they will change the economy and the world for the better.