Bitcoin Forum

Just so if you were wondering about the sudden price spike:

https://i.imgur.com/58IZ5M5.png

https://i.imgur.com/4F2WY3X.png

https://twitter.com/elonmusk
https://twitter.com/elonmusk/status/1355068728128516101

"bitcoin" interest spike up. Via Google Trends:

https://i.imgur.com/ckdEMeR.png

Edited for additional information: Elon Musk changed his bio to #Bitcoin and made the "it was inevitable" Tweet at 6:22 PM, and the "bitcoin" interest spiked up at 6:40 PM onward. Check the times on the screenshots.

I totally get the "correlation is not causation" argument. But if you think this is just a coincidence, then whatever.

I also dislike how much power Elon has control over our markets. Whether we like it or not:

Just because someone places hashtag on his twitter account doesn't make people go and buy bitcoin.
Similarly just because people search about bitcoin on google that doesn't mean they also buy bitcoin just because they googled the word "bitcoin" (that's not even "where/how to buy bitcoin").

Not to mention that people who react to social media like this are not the majority and the amount of money they have is not going to change anything about the price  when you look at the bigger picture. That was about $50 million so far in only 2 exchanges (Coinbase and Bitstamp) in past hour. Idiots on social media who panic buy based on some tweet don't have that much money combined.

This price rise is simply the whales running out of bitcoin to dump, now the existing demand is showing itself. Soon we may see the same panic sellers who shit their pants when price went down to panic buy again not because of some tweet but because they are "panic traders".

Sure. But everything happened literally at the same time, within a few minutes. Could be totally a coincidence, but what are the chances? I even added a chart from Google Trends. Were those whales searching for "bitcoin" then?

Do you know how long it takes someone to sign up on an exchange, go through their KYC process to verify their account, make money transfer from their bank account to that bitcoin exchange, wait a long time until it reaches the exchange and is credited in their account and then eventually after jumping through all the hoops they can buy bitcoin?

u can’t sell houses u don’t own
u can’t sell cars u don’t own
but
u *buy* bitcoin because @elonmusk tweet.  :D :P :P :P
Source --> https://twitter.com/elonmusk

---

I'm surprised why people are making crazy investments based on someone's recommendation?
This kind of pumping and emptying should stop. It is a good example of the blindness of the weak financial intelligence of many people.

It was surprising to me such as a huge pump within an hour. But later on, notice most likely Elon Musk's Twitter hashtag create a FOMO on the market. This news spreading around all social media, and of course, I noticed from Telegram. I was just wondering to create a thread then noticed this thread.

Same here. It's become a part of the crypto community. When the richest or famous person supports bitcoin then a few numbers of big investors think Bitcoin is potential and start buying. Or there would be another reason, whales are manipulating price bases on Elon Musk's hashtag.

You're assuming that literally every buyer we had in the past hour are totally new in the cryptocurrency space. It could simply just be people already with exchange accounts that just bought in because of confirmation bias.

And let's not forget that PayPal, Robinhood, eToro, Trading212, Cash App, Interactive Brokers and tons of trading/investing platforms that people have been already using already has bitcoin by default. Not every single buyer is going to go through the de facto bitcoin exchange like Coinbase/Binance/Kraken/Gemini/etc.

There must be investors who registered during the last rally and some of the exchanges accepts UPI transaction and those are instant deposits, Elon Musk is known to create buzz when ever he scribble something in his social media platforms and he has done that in the past when he posted about Doge coin and recently when he advocated Signal, the application saw millions of new users and even the stock of Signal Advance rallied over 5000% because of that, so he does have the influence to manipulate the market  ;).

Though I don't have the data to back this up, Robinhood(which has had cryptocurrencies for a while now) has a crap ton of users and trading volume and I definitely don't think we should be underestimating the potential buyers from that platform alone. Also take note that we're talking about Elon Musk here, which is pretty much WallStreetBets'(the group that's responsible for DOGE's recent pump) lord and saviour.

Elon is on another one of his wild sprees this week. I think it all started with him sharing the reddit thread about the Gamestop squeeze. Next was "I kinda love Etsy" which sent their market cap rocketing. Now, of course this.

For all the mad scientist vibe, anyone who follows Elon will know his method of making decisions based on first principles. Him supporting Bitcoin should be enough scientific proof for those who want to but don't seem to have the time to UNDERSTAND bitcoin. This will possibly bring a lot of bitcoin fence-sitters in. Although what I am more interested in is the DOGE Pump (and Dump) going on right as we speak. 24 sat to 260 sat!! currently at 105.

Just shows how influential Elon Musk really case, however, it's about time to really see a rally right? We are going to enter February, and since all the FUD and smear campaigns against BTC has been cleared then their is only one way to go but to go up and this is exactly what happen today. And perhaps the people behind https://www.reddit.com/r/wallstreetbets/ are behind the massive pump.

You should be more surprised when they sell because of someone's recommendation. Lest we forget the drop from $40k was because a known shitty news site published some nonsense about double spend!

Yes because those who are already involved in bitcoin and also listen to what other people tell them are more scared of the FUD telling them that bitcoin is going to dump. They are also greedy thinking they can buy at the lower price (namely $20k that was being advertised in their FUD). Which means a simple bio change of someone who has been tweeting a lot of positive things about bitcoin is not strong enough to change their minds.

As for all those apps, I don't know all of them but many don't affect the bitcoin price at all. For instance you can buy millions of bitcoin on PayPal or dump millions and it still wouldn't change bitcoin price because it is not linked to outside world specifically exchanges.
I name exchanges such as Coinbase, Kraken, Bitstamp, Bitfinex, Gemeni, etc because they are the main source of price and the price is decided there not elsewhere. Even Binance has very little effects since it is mainly an altcoin exchange and it has tether market not fiat market with a huge portion of their volume being fake.

I guess it isn't surprising since Elon Musk is well known, and well, for real, most people have weak financial intelligence imo. They're pretty much the ones that just let themselves get swept by the wave, not really thinking about the hows of things. Not to mention how there were quite a LOT of articles about Elon Musk just tweeting stuff, and then stocks of that particular company related to that tweet surges. It may be just thought of as a coincidence, but hell some people wouldn't agree with that.

The entire spike may not be entirely due to Elon Musk, but we can't entirely write off his influence.

You're totally underestimating how much influence Elon Musk has. There's a reason why $TSLA is astronomically overpriced.

They do, even if we like it or not because not every single exchange outside the de facto cryptocurrency exchange allows trading of crypto CFDs. They do allow their users to trade "real" bitcoin, it's just that they're not withdrawable with some platforms.

That's not how markets work. USDT has a sizeable chunk of the total trading volume whether we like it or not, and Binance DOES have a huge effect. Even Binance's BTC/EUR trading pair, a FIAT trading pair, is #11 in terms of trading volume.

The recent activities proved the power of retail investors. Even though some companies invested in Bitcoin, the major trend belongs to individuals. Also, the recent shorts positions of hedge funds at Bitcoin made this trend inevitable.

Elon Musk isnt going to sit behind his computer setting buy orders,
and he isnt going to buy a $100 hardware wallet to store his Bitcoin.

He is either going to contact Coinbase directly and tell them he has
X amount of $'s and wants to buy BItcoin or has the likes of Gemini
or Fidelity to custody it.

I agree. Elon is pretty influential and recently his tweets about few countries have increased their stocks. For instance, Etsy and dogecoin rose because of Elon's interest.

Musk's change is bio cannot be overlooked; he did it first with Doge coin; and after seeing the fomo worked perfectly; he literally did the same to bitcoin today; he merely used his influence on social media to create a fomo incidence which worked to certain extents; alot of bitcoin traders who are shorting bitcoin were liquidated due to the ripple effect of musk bio

Okay, so, according to you, why did the price increase occur?

The most likely scenario is that the Musk thing has something to do with it. You see things like that all the time in the stock market: the stock market goes up because the chairman of the Federal Reserve smiles or down because the president of China farts.

A lot of people have seen that as the lead-up to Musk announcing he's going to buy a lot of bitcoin, and we can imagine what would happen to the price if that happens.

Yup. Now imagine him saying "I've bought the dip. Who else is with me?" That's gonna raise the prices even higher.

Similarly, any influencer could just manipulate the price to his/ her liking with necessarily buying BTC. Basically a whale.

Agreed.

Is this triggering the price increase that is happening right now? It is not the same price increase as past week's but the price after that seems to be staying at $32K which go down at $30K. I thought it will be touching down again at $20K but checking it again, it is now at $36K and might even reach $40K tomorrow. This man is really influential.

Elon Musk's tweet is certainly a lot surprising about cryptocurrency even the current trend on social media with the hashtag Elon Musk, of course big investors will be sure what Elon Musk said they believe bitcoi will be a valuable asset even as an investment in the future but is this? the price will stick up to $40k?

Some famous people are also now eyeing bitcoin after Elon Musk wrote Bitcoin in his bio. Will this change the finances that hold crypto? or just part of it and it doesn't apply to altcoins? Ah this is a sharp increase in a short period of time.

Tell me about it ;D

Having someone as influential to cryptos this much then is not good for its future because they will simply use cryptos to bump and dump and will make their profits but people who believed in its future will get rekt. Hope people will realize who they are than simply following what other people do, because we have our own thinking ability so no need to be affected when someone decides what they want to do.

#BuyFUDSellFOMO

Same here. It's become a part of the crypto community. When the richest or famous person supports bitcoin then a few numbers of big investors think Bitcoin is potential and start buying. Or there would be another reason, whales are manipulating price bases on Elon Musk's hashtag.

I am not selling. They can manipulate at will.

Well, just because he is the most influential people around the world. That is the power if you are the richest man on earth, you can influence people who follow you, and that brings a massive adoption of bitcoin. This will give a pump and dump with bitcoin price, as we can saw in the market, bitcoin was gained too much price increased. Perhaps just also because of Elon Musk dogecoin was increased too much and then at this moment it had a short correction. Indeed, more and more influencer will come to bitcoin will surely give awareness to people or potential big investors.

While this is good for BTC in terms of being even more recognized in the industry, and while the price is also being affected by the attention generated, I don't know how much this will have an impact in the overall adoption of BTC.

Sure it's awesome to see that his using his twitter to spread the word, but I also would like to know that I can buy a Tesla with BTC for example. While there is another thread in the forum that discusses the cons / pros - https://bitcointalk.org/index.php?topic=5308132.0 - I know that it isn't a decision that we can do alone (I believe that if it it were for him he would already put it up as an option).

Still, hes spreading the word and that's always free marketing. I just hope that people see it as as a way of making trades besides being a way of investing some part of their wealth.

It's been a really wild week guys ...

If it is trolling, its only a matter of time anyway before he enteres
the Bitcoin space. "In retrospect, It was inevitable"

Dogecoin is just a "Pump and Dump" coin, it has no useage.
30 days ago is was less that $0.001c it pumped to over $0.05c.

People like Elon cant be trusted when it comes to investment especially in cryptocurrency I have said it on several occasions because they mostly abuse their influential status to lure people into wrong decision making through FUD so they can enrich their pocket and if you guys check most of his tweet yesterday or the day before you'll see that he make FUD statement about stocks that
I guess he has achieved his aim on Bitcoin and stock is the next move.

I was about to create a thread about the recent change in Elon Musk Twitter account before I saw this thread.

The price probably spiked due to the fact that many hodlers were biding their time waiting to buy the dip at the lowest point, so quickly bought as they feared Musk's tweet would send the price higher.

Sort of a self-fulfilling prophecy.

Yeah, I'd say that it would be the case. Imagine Bitcoin was just hovering around $30k-$31k and after Elon's tweet, the price suddenly zoom and now about to reach $40k once again. It is true that Elon was an influential person, his enter might not be the major cause of this sudden move but this became a trigger for everyone to come and do the same. This is proof that an influential person can manipulate the whole market. I knew the rally wasn't over.

I can confirm that the google trends graph is absolutely true.
because the numbers of people that used my affiliate link to register on a crypto exchange increased significantly today.
seems like the "GameStop, Doge, and Elon Musk" collaboration becomes today's fuel for bitcoin.
also, you guys will see more scammers today that tell you that Elon Musk host a bitcoin/eth/crypto giveaway on a fake site.
just be aware of it.

As the saying goes, correlation does not equal causation. Although, undoubtedly Elon musk putting that hashtag inside his bio likely had a positive contribution to the adoption of Bitcoin, and certain people would be more inclined the look at Bitcoin favorably, it likely didn't have enough of an impact to impact the market. Of course, some people who see someone like Musk who's probably viewed as a genius, and pioneer by many are more likely to believe in a technology that he appears to support. Although, these will likely be fans, and general users rather than the big cash cows that it requires to be able to manipulate a market.

Having said this the longer he keeps it up, and the more people that see it, can only do good things for Bitcoin's adoption. Honestly, its nice seeing someone like Elon, actively pushing Bitcoin in front of the masses, in a more positive light than the news usually does.

His tweet has just been included in the bitcoin blockchain  :)

https://i.imgur.com/BTYS5Ui.png

https://twitter.com/documentingbtc/status/1355109827878543361?s=21

Are they making the hype now? That seems quiet to see how Elon Musk does this, with the hashtag Bitcoin? Well, that simply creating hype and use his popularity to encourage people to buy Bitcoin at a high price.

But wait, I don't think is really enough to make a huge spike for the hashtag line. Probably not the case why we have this surge, just a coincidence, Elon Musk didn't do anything with the market, nor he is playing around but to suspect this as another drama from different people and uses Elon Musk's identity.

this guy gets it. here's a merit

The only thing that can explain this price movement and that will make literally tons of people FOMO buy btc in the upcoming hours/days is that Elon Musk tweet and his new bio. Anyone denying this + the fact that the richest man in the world can have this type of power through social media is a plain fool

fasten your seatbelts ladies, expect another pump once USA wakes up. Thank u, Elon  8)

I like his personality and I believe he is helping this market go up, look at WallStreetBet you will see when Elon Musk's interest in this account has grown to nearly $1m follower. I believe these people are helping this market even more, they've given us the market's crazy ups and downs.

This is one of the flaws in crypto.... it's open to "market manipulation" like this......

Elon puts 1 million in a 0.005 coin.... Hypes it... Sells it...

Am I right?

When you got such influence then for sure he can invest in a cheap coin and hype it like what happened now and dump it once he sees a fancy bump.

But this may not work all the time so investment equal to the risk and even people who are manipulating knew it.

I guess it won't take a long time, every time when Elon Musk makes a statement on his social media then there will be a huge increase to the coin that he referred to. Take a look at what has done with Doge coin, a huge increase has happened in a week after he makes a tweet about doge coin but after that three weeks doge coin made a correction with three red candles.

I guess now it will happen again, agree with those who say panic buying will be accompanied by panic selling because it always happened. The whales just take an opportunity to make short term profit and we should be careful of it. There will be many people who will lose their money especially for those who use future market with huge leverage, they are too overconfident so as they do not realize that the price has taken a dip again.

Let him dream!
He thinks that once Musk tweets everyone will suddenly rush to google, find out what they need to buy bitcoins, make an account, transfer money in seconds and buy bitcoin!
He also thinks that the entire planet is at home glued to Twitter, lol.

The ones that had money already on the exchanges were the guys familiar with bitcoin, it's so hard for some to understand that sometimes a billion can't stop a drop on the market while in other times when there are no sell orders because everyone holds it takes a few million to push the price up by 10%.


Everyone who is familiar with Musk knows that he likes to troll the *** out of people on twitter.
Remember the overvalued tesla stock drama?


Let's assume you have $ 200 billions net worth, would you do something like this?

So this is all well and good but where do things go from here?

why do people think Elon Musk placed the bitcoin in his bio before the rise and not after it? do we have any proof because i heard about it after the rise started and was already on the way. maybe he did too and got too excited that changed his bio and included the #bitcoin in it!

Today Bitcoin spike is huge as Elon Musk tweets. He is a billionaire and when such kind of personality talks about anything it gives big boost to them but I would say it's overall goods for cryptospace.

Apparently, Elon Musk is already a crypto guy even before he reached the midst of his success. And no, shilling a volatile market like BTC doesn't even have a single impact to his business and shilling it to people and could spark the hype would only ruin the lives of those whom just got onto crypto world and FOMO-ed by this series of events. Yes it would pump, but its support really isn't that kinda strong to jump onto conclusion that it would reach another ATH.

This event has its consequences. Many would sell with this sudden pump and people - whom just invested because of this, would soon be left hanging and losing their money because of hype.

 ;D

In my country I would take up to 2 months just to have the documents to pass KYC ... then I would still have to go to the bank, which would take 3 more days and after the whole process of the documents and the bank was resolved, I would finally deliver the documents to the sites to buy bitcoin, at least in 3 days KYC is done and then buying bitcoin an would pay the high fees. definitely Is a long and expensive process unfortunately

---

wow that was incredible:

https://i.imgur.com/tlPgCNj.png

Elon isn't just a random guy. It's not for nothing that he has succeeded in his auto endeavours. He's an influential billionaire with a modern day touch. Isn't he the wealthiest man on earth at the moment? We should be in awe if his action shouldn't spark a kind of reaction on any issue, especially tech ones. A lot of investors trust his sense of judgment, seeing his electric cars and the wonders he has been able to perform there at a time when it is almost impossible to have such autos run on earth. Putting Bitcoin on his profile shows support and that means he too should stack in possession. If he has, that means (by conclusion) Bitcoin is an investment worthy to make. I guess all that factored in is the reason for the sudden bullishness in Bitcoin. That's quite understandably.

Elon is a powerful guy and an influential icon, even the youngsters (like me) follows him, not because of his knowledge and being smart alone, but because of him being an all-around person, and investors would definitely trust in him, although I have to admit that he can be a part of this spike, but not entirely him being the main reason.

I like this guy and have followed quite a time now. He knows Bitcoin deserve his attention and rest all of others. At the moment Elon Musk changed his twitter bio to #Bitcoin the price of Bitcoin soars massively, it's up almost 20% on the daily chart. Is this one of the final attempts to get back BTC bullish trends?

Google searches for “bitcoin" literally surged big after elon's cryptic endorsement, its basically like an increased interest translates into more buying and stronger price gains. Now bitcoin is looking north, having pierced a two-week bearish trendline on the daily chart. Resistance is seen at $40,112, followed by the psychological level of $42,000.

No wonder an increased inflows onto exchanges happened, including this one with BTC (https://trade.kucoin.com/BTC-USDT) which i regularly check for volume, this little marketing by Musk has indeed forced out a ton of selling pressure from the derivatives market.

I don't know if thats just his way of teasing the crypto community but its doing some good thing on our coins, hopefully he's not.

A new hype king in Cryptocurrency market is Elon Musk I really don't understand why people are getting crazy on a single post on twitter, guys research and invest and follow the trend of the market trust me if someone is trying to invest based on a single post you will surely lose your hard-earned money.

I certainly know he's one of a big shot on the globe but doesn't mean to invest or pour money without any knowledge, Guys don't pour money blindly think and plan wisely.

Elon's tweets are self-fulfilling prophesies at this point. There's nothing fundamental about them, e.g. he himself probably doesn't invest in Bitcoin and there won't be an influx of new investors specifically because of Elon's "endorsement", but Bitcoin daytraders alone would pump the price if the market conditions would allow it, simply because short-term speculators expect other speculators to do so. This is the secret of Elon's influence.

Ok so I guess the Google Trends spike up just happened for no reason. Alright.

A LOT of retail investors are on Twitter. Get out of your Bitcointalk bubble.

Quite naive of you to think that the typical retail investor that has an exchange account is actually "familiar" with bitcoin outside of the fact that it's an investment.

I checked just to confirm. The Google trends spiked up approximately 15-20 minutes after Elon changed his bio and made the "it was inevitable" Tweet: https://twitter.com/elonmusk/status/1355068728128516101

You can check yourself with Google trends: https://trends.google.com/trends/explore?date=now%201-d&q=bitcoin

I could not agree more. With the degree of Elon Musk over his audience, it won’t be surprising if they would follow his footsteps. And if they see him embracing cryptocurrency, no wonder they would also try and promote it as well. Influence over people could really do something although I’m not necessarily saying that he made the price spike, but he led people to focus more now on cryptocurrency.

True, can't really be mad at him when he's bring this much to bitcoin or cryptocurrency in general. If I can say things to him in personal, I'd probably push him to promote bitcoin more and let the volume increase on exchanges like kucoin's LOL

However, it happened in a very synchronous way. If bitcoin grew gradually, then one could cite an increase in demand and a general optimistic mood regarding the further growth of the market. However, there was a sharp spike in prices and seeing this, I immediately concluded that some event had occurred that caused such a sharp price effect. It seems likely that this is due precisely to Elon Musk's message about Bitcoin on twitter. If so, then the world of cryptocurrency is still very fragile.

This is true.
I remember making a post about how he was the self-proclaimed CEO of Dogecoin and was featured on a magazine cover.
Fake of course.. But fun none the less! ;D
He did reply to a tweet among his conversations with some market influencers on twitter in the middle of the month while bitcoin's price was surging
he would like to be paid in bitcoin. :)
https://i.ibb.co/Sn35zyb/MuskBTC.jpg (https://imgbb.com/)
Here's the thread where we were starting to discuss about it. Most didn't believe it because he knows how to wind up his millions of followers then just say "kidding!" :D
https://bitcointalk.org/index.php?topic=5310742

Quite an interesting thing to put a bitcoin symbol on his twitter to stir up the pot some more when it comes to a growing amount of the elite rich in the world warming up towards bitcoin.

The more support for BTC the better! ;)

I believe Elon Musk's influence is so great, with Elon Musk writes #bitcoin to his twitter bio can make a lot of people become panic buying.
Actually I don't really care about the cause of the rise in Bitcoin prices now because of Elon Musk or not. The important thing is finally Bitcoin
can go back up again. I'm glad I made the right decision to buy Bitcoin when the price dropped to $ 30k, now Bitcoin price is already at $ 37k.
Hopefully the weekend Bitcoin is back to over $ 40k again.

at least it has a large enough effect to increase Bitcoin's popularity...
Dogecoin has been bullish for its role and this time Bitcoin will definitely have the same effect. Bitcoin needs influential people like him to grow big.

This is funny because even though he might be positive about Bitcoin, we all know that he is also just memeing about it. Though this memes he does has so much impact. I hope he keeps doing though. Stupid people buying because of a single hashtag is food for the traders.

Wouldn't say it is surprising. As far as I know, Elon Musk is a huge fan of crypto currencies. It wasn't long ago he had his bio set to "Doge Coin CEO". Every time he tweeted a meme about doge coin, we saw a surge in the price. He told everyone to use "signal" and people started investing in the wrong signal stocks, causing it to skyrocket. This time he sets his bio to #Bitcoin, we see more people are now interested in bitcoin. In other words, his actions does have an effect everywhere. Would be stupid to deny it and people know that. Hence, people start investing as soon as they can knowing that others will enter the market to follow the trend.  

Yeah he was meme'd on a magazine cover saying he was leaving tesla for doge late 2019 when the electric car company was struggling and he had to put in hours working at the assembly warehouses himself just to keep things going and sleeping on the couch. :-[

So he pumped Doge 500% in last week to dump at 200 sat for BTC?  Now he will start pumping Bitcoin to dump on poor people. :(  Wonder what will be next. Maybe starting own coin.

Obviously I wouldn't have any proof, but I think it's highly highly unlikely for someone as rich as Elon Musk to be intentionally pumping DOGE for his personal gain. The money he would game would be almost nothing compared to the money he makes and his total net worth. The risk:reward ratio is simply not worth it and I'm pretty sure he knows that.

Nowadays Musk is ruling market like a king and whenever he wants to pump the prices of particular thing he just tweet about it and peope go around investing huge funds in that thing.Recently he tweeted about Bitcoin and added #bitcoin on his twitter bio but you need to know that it took almost 12 years and prices to reach $30k to convince him that btc is really something of his use.His some famous tweets which surged price of shares include:

1) Signal after whatsapp privacy policy
2)Dogecoin prices have surged recently 500% after his tweet about cover of dog in vogue magazine
3)Games share Etsy which he liked
4) Now btc sparked 14% and reached $38k within few hours of his bio updated

So there is hype about Musk in this market at this time because he has became social influencer and pioneer in investments but we need not to be move on with our own decision making.

Theory:
Last trading day of the month
Bitcoin was after dropping ~20%
Seemingly a lot of CME short sellers
Elon Musk doesnt actually say he bought BTC but does enough to erase short sellers by
adding #Bitcoin to his twitter and adds 4 words

Elon Musk is no stranger to short sellers, they tried to short TESLA to try and damage it.

Ah, yes... that would be it.

You can actually see him getting angry at short sellers in his preceding tweets, probably inspired by the Game Stop story trending.

Looks like a combo of things. The main thing it seems is that when Robinhood was shutting down trading on the stuff the redditor wallstreetbetters were pumping they moved en masse to Coinbase, as I've seen being reported today, and pumped Bitcoin.

Combine that with Musk's #bitcoin - as we have seen millennials seem to have a bizarre allegiance to Musk and pump something anytime he tweets or makes reference to any investment.

There were also a ton of options expiring today, which was going to cause a short squeeze today as people were trying to short in the low 30s and high 20s. I would bet that some of the folks who had shorted Bitcoin and were about to lose money today anyways, saw the pump from redditors/musk-followers and bought back in last night to hedge the money they were about to lose today on the short squeeze.

Then of course on the pump a bunch of traders piled in to get in on the pump as well.




What will be interesting to see now is whether institutional buying picks back up. Looking at Grayscale, after enormous record setting buying in the middle of the month after Grayscale opened back up its Bitcoin fund, buying then died off once the double-spend fake news dropped bitcoin through support levels and institutions seem to have taken a wait and see approach since then with Grayscale inflow now at a tiny trickle, as several prominent Wall Streeters have claimed the bull run top is in and Bitcoin will be at $20k soon or lower soon.

Now that this reddit/Musk driven pump broke through a ton of resistance it'll be interesting to see if these pumpers dump or not, and if institutions start coming back in after the slow past week or so now that the price is back up and the possibility to see further sub-$30k prices seems to have possibly entirely evaporated. If the pumpers don't dump and Bitcoin can hold at least $35k through the weekend I think we'll see institutions start coming back in next week. At which point like a self-fulling prophecy Bitcoin will start heading towards new ATHs because institutions and retail market believes it is heading toward ATHs.

The flip side of course is that all these redditors dump Bitcoin and it heads back to low-$30's and institutional buying stays low and it takes a few more weeks to build back up out of this correction and back to new ATHs maybe a month from now.

Hmm, this is the third interesting news for today ...

https://i.imgur.com/CFoFUhL.png

Apparently, Elon simply did not have time to sell his coins at the peak (so he decided to push Bitcoin a little with his tweet). All in all, this is not the first time Musk has taken advantage of his position ... After his tweet, Etsy and GameStop stock prices jumped, I think the SEC investigation is not far off.

Yeah I saw that earlier this morning on Coinmarketcap. I assume someone hacked into the site and put that there. Which is kind of hilarious.

Hacking is out of the question, it's just that Coinmarketcap has a good sense of humor, + Wallstreetbets is a subreddit where people discuss trading. Adding WSB to the top is a kind of subtle mockery of market volatility (with this gesture, CMC emphasized the fact that if ordinary traders unite, they can easily repulse financial institutions). People with WSB don't learn trading techniques, the community just sees trading as a thrill. BTW, GameStop was also discussed on this subreddit and Elon Musk did not miss the opportunity to Tweet about it.

This tweet didnt just fuck short sellers though who used leverage etc. this tweet wrecked those who have been playing the stock market waves.

Before we go any further, disclaimer: been in crypto since the early days, lost a tonne in deleted wallets, lost keys etc. I accept my stupidity wholeheartedly, whatever.

Started to build up my BTC stash once again somewhere around 2013. Satoshi by satoshi and managed to built up almost 0.5 BTC since then. I dont have much spare money to buy with but I have been playing on BTC exchange with the aim of building up my stash and managed to get myself some small gains in BTC. Before this morning I had
0.567569 from just under 0.5 from the end of last year.

This morning I was looking at the market trend and sold BTC as it was going down to rebuy it some hours later with some gains in BTC. The moment I sold @ 09:23:39 (32,116.45) the market went nuts... I had to buy it back @ 01-29 14:43:06 (37,747.84).

The story of this is that the tweet from Elon may just be to troll but it royally fucked normal people like myself. Since that tweet I have lost 0.09 ish BTC, which will take a very long time for me to build back.

Anyway... There is always collateral damage and it often affects anons like us.

Well that's also funny if it was actually coinmarketcap just having fun with this stuff haha

To be fair, you sold low and the market didn't go your way. So you made a bad trade. This happens to traders all the time. It happens everyday. Can't blame these redditors/musk-ists pumping bitcoin for the fact that you made a bad trade. You were trying to play the volatility of the correction and sold ~23% below the high. Nothing wrong with that - might have gone your way, might have not gone your way, either way it was a somewhat risky move but you hoped it would drop more and it didn't. Selling low during a correction is always a risky move. Hell trying to beat the market is always a risky proposition for a trader. Sometimes you do, sometimes you don't. Can't blame it on anyone else though.

I cant imagine how Elon Musk be very influenced by people. By just his tweet, poor people start to believe in it and we can't deny about the tweeter hacked account last month is very effective to impressed people and invest, will I guess, they were trapped at this moment.

We had pros and cons here, people will I guess happy because of Elon Musk's tweet, but what if those people had to lose and become disappointed from their loss and, possible of a big dump soo, I can't blame my self to ask, what next?

I can't tell if Elon Musk is buying Bitcoin because it suddenly pump but if he's just that too influential just because he adds #Bitcoin to his Twitter then what more if he suddenly buy thousands of Bitcoin? I think people are starting to FOMO after reading the news which is surprisingly good to let the market pump again yet after reaching $38k it's still not enough to break another ATH, I guess $41k is just the ATH for Bitcoin.

Bitcoin's value has suddenly surged today but we have seen this in the past as well without any announcment or hint from major investors. I agree to an extend about Doge coin's pump due to Elon Musk's tweet but I don't think it would have a lasting effect on Bitcoin because it has already got investment from other big players, Bitcoin doesn't need support from Elon Musk as it will only lead to more chaos when newbies who joined after announcement starts panic selling.

"Just so if you were wondering about the sudden price spike:"

I think of writing a bot that buys everything mentioned by Musk :D There was a similar bot and year or two ago about shorting companies mentioned by Trump.

Aside from joking, this is good. A broader audience will get into the crypto world.

The world's richest man. The smartest man of our generation. I just hope he takes some of his fiat and converts as well. A true believer. I'd hate to see Musk without at least a 10k+ BTC allocation.

Some people do not really know why they are into cryptocurrency, that's why they fall a prey of wrong choice because of following some so called influencer. Better to know what you are doing than waiting for what someone will tweet about. The time to humble everyone so coming.

I figure it isn't astounding since Elon Musk richest person and its statement matters, But maybe he planning to invest more Bitcoin and may be paypal HODL more Bitcoin.They're lovely much the ones that fair let themselves get cleared by the wave, not truly considering around the haws of things. Not to say how there were very a Parcel of articles around Elon Musk fair tweeting stuff, and after that stocks of that specific company related to that tweet surges. It may be fair thought of as a coincidence, and may be other reason pump of Bitcoin.

Pretty much sure its coinmarketcap just trolling the situation. First glance, I thought this was something real and then realized it's ranked "0". And then further investigation showed that they are doing it just for the "memes".
Click the coin and you will see a friendly warning that says that this is just a joke, that coin doesn't even exists and if you ever come across a coin like this, use your own "brains".

Well, you can't just say they are stupid, most of them might be following Elon Musk's investment ventures the reason why seeing this hashtag make them invest in bitcoin. I don't what should I feel but maybe he's just meme-ing or maybe he's just having a great time being invested during the pump that happened.

Of course, he is very successful, his company, his persona and aura so people are going to follow whatever he says. I would also like to think that there are cult followers of Elon Musk, LOL. So that tweet has something to do with with the quick BTC bitcoin in the last 24 hours.

And then we have the whole WSB hype as well, even coinmarketcap is displaying it on their site ahead of Bitcoin, but we all know that this is just a friendly joke on part of CZ. It was like crazy in the last 24 hours though, too many hype and frenzy to push the price as high as $38,000.

I am happy with the spike in exchange rates for Bitcoin, but at the same time I can't ignore the fact that Elon Musk has been accused of market manipulation before. He has tried to influence the stock markets in the past multiple times with his tweet. Here is a statement from the SEC regarding some of his tweets:

https://www.sec.gov/news/press-release/2018-219

And just a few months ago, he was again accused of doing the same:

https://www.theverge.com/2020/5/1/21244747/elon-musk-tesla-tweets-shares-sec-settlement-stock

Now there is a real possibility that he is doing the same with Bitcoin as well.

Yeah, I've also seen this thing on Twitter and it really affects the big rise of bitcoin yesterday but gets down again today. It seems like big people with big names can affect the value of bitcoin with the simple things they have done for bitcoin but the inflation did not meet my expectation, I thought that bitcoin will continue in rising for about &50k but I was wrong with that part because it only reaches $38k.

It will take some time before we get to that. 50k will be a smooth sailing after we break the 40k resistance in my opinion, remember when the 20k resistance was broken and after that the 30k mark came in without the fuzz of going up and down. Celebrities that has enough influence will be able to do this kind of things in the first place, that is why we have to watch out for these kinds of Tweets or statements because people will be gobbling up anything that their idol or hero says and that can spell a profit for the traders and hodlers alike.

Never need analyze and looking with chart view of bitcoin or altcoin price, open your twitter account and looking for ELON MUSK twitter this best way how to get profit with trading on bitcoin or altcoin right now, the most influential person right now in cryptocurrency world is elon musk when he make tweet about any coin price will pump, looking what happen with DOGE coin could raise above 1000% up after his tweet and bitcoin suddenly up above 20% after he change his twitter profile, you need waiting when next coins tweet by elon musk

This doesn't work like this at all.

We can't directly attribute the credit to Musk. He tried to de-mean bitcoin a few weeks ago but that didn't have any impact on price.

This time whales took the benefit of the situation, due to DOGE pump, exchanges were filled with extra liquidity. As soon as Musk wrote in his profile, they took the benefit of the situation, shifted the Liquidity to BTC, pumped it by 20%, DOGE dropped by 40%.

The huge influence of Elon Musk is extraordinary, influencers are able to drive bitcoin price movements with just a tweet. I realized that someone with a big name can influence anything in the world and Elon Musk proved that Bitcoin is working for him

Elon Musk is a very influential man, just by following his tweets anyone can tell in the comments of the crypto community that is interacting, new to crypto and advocates of bitcoin.

I consider that this way of communicating on social media has a good result. Because we are defending the freedom to choose now more than ever, society feels united.

We do not know if he has bought bitcoin but if he does, bitcoin will gain a big rally without a doubt.

We can't do anything about Elon's power in the market. He can tweet anything that he wants and just like those days when McAfee tweets an ICO, there's a surge after that every time he tweets about it. What's good about Elon is that he's with bitcoin and Dogecoin. I just wish that he won't be too brutal pumping any coin like those totally dead that he wants which will make the market go into division again.

mcafee is inluencial but why he cannot get the same love as elon ? maybe because mcafee hated btc before ? and elon havent ? elon can take note of that and he shouldnt try to take btc down because if that happens he will get lots of hate from the btc community .
many got curious after seeing the btc on elons profile and they search btc in google .
its too early to tell if they will get interested in btc or not . this is why the price didnt rise heavily

If you wanna have access to Elon Musk twitter which one coin the first you add on his tweet, just kidding because looking how reputation from Elon musk can make coin pump fantastic, maybe if he give us access on his twitter maybe any favorite coin do you wanna make tweet, I think if I have chance I will tweet with ethereum coin because I wanna see ethereum have look not different price with bitcoin but think is never happen, Elon Musk just tweet coin without any developer like DOGE.

I think we would be seeing most of these coin hype and price pump this year, that is from one coin to another, before it was Doge then to Bitcoin but who cares, so far people are making gains they won't really bother. Also, I see it that, currently people now needs a type of reason to buy a coin, imagine what caused Dogecoin pump, then look at what caused Bitcoin pump, that is to say, once he says another thing on another coin, people will fomo and the price will pump as well. Nevertheless, as said earlier, many people don't care and in as much as I don't see it as him controlling the market, however I think following any of these pump, one needs to be careful and know when to sell in order not to lose at the end, of course, Bitcoin is an exemption on this, but other altcoins should be followed with carefulness.

I still think this is just a coincidence.

I am happy that someone that as popular as Elon Musk supports Bitcoin and how influential he is not just in the public but in the market. Despite all of that though, I think it is not right that we will be letting him control the market and just make a spike that. I am not saying that the spike happened because of him, it is just kind of troubling that someone could dictate a spike or not.

Maybe it added some point to lure other investors to believe in Bitcoin but not the totality , and also yeah there is some part that this would be a coincidence and timing that investors had Invested when Elon is twitting .
Actually this situation will added a Big head to this person because he will claim that he is the reason for this pump and will Make Play to this market.

Or he already made His mind to start believing in crypto that Much .

true, but at least if the person writing is a well-known public figure and indeed from an investment perspective, bitcoin is profitable, at least there will be many who do a review. I think this is good and positive for the crypto market.

I would look at it positively knowing a worlds richest man using #Bitcoin to his twitter. These might bring a good indication in the cryptocurrency market which some peole think that these bitcoin or cryptocurrency really existed because such an Elon Musk believe and trusted it. However we can never be so sure that Elon Musk does a bitcoin user, trader or investor too but the mere fact that he was a famously known man today using #bitcoin was a great indication already.

Yesterday people were very happy seeing the bitcoin price rise around 5000$ within 4 hrs but today it is back to 34,000$ levels. Many people have fomo and now they are in a loss as they bought at high prices. Although i know that bitcoin price will rise in future but i do not like such pump dumps in the bitcoin price.

He is the richest man in this world, plus I think he is the most influential person in the tech industry nowadays.
So any crypto-things initiation by him will be overexposed by Twitter users since Twitter is the homeland for crypto shilling activity.

But I am still 50:50 about crypto influencers that can influence the crypto price.
Take a look at this article, you can read the correlation between Twitter influencers and crypto price
https://beincrypto.com/what-impact-do-twitter-influencers-have-on-crypto-prices/

I think he learned his lessons after the SEC settlement. This time his tweets are 'clear'.

Posting #Bitcoin in BIO is freely interpretable. He's not suggesting or saying anything. People are those interpreting it as a bullish sign.

I think that this status was regarded as an approving gesture towards bitcoin. Most likely, those many who doubted the digital currency after this status stopped thinking and invested in it. Only after this event do you understand how broad the audience of Elon Musk is if she is able to greatly influence the bitcoin rate with her investments. Elon is a fine fellow that he doesnt hesitate to do such things for a wide audience.

Elon musk helpful for the cryptocurrency to grow because they added to his bio bitcoin in his twitter account, there is a lot of followers of this person and to those who follow it see the bitcoin possible for them to buy more bitcoin that will cause for the bitcoin to dump the value. The more bitcoin will buy this year the price will up and it is nice to see that and hoping more famous people will advertise bitcoin.

This sparked a lot of articles and of course needed publicity for bitcoin. That being the case, it has always been obvious thst Elon is a supporter of bitcoin and cryptocurrencies in general. He even went beyond and implemented a bitcoin purchase method in Paypal, one of his most famous brainchilds. Now let's just sit and wait until all of this unfolds, this is gonna be epic.

Was he fined in the past for manipulating the market, he was having fun with his social media account and can they even accuse him of manipulating the market for having his fun in social media. He does have a huge fan following and he could influence people and it is not a big surprise and the price of bitcoin rallied but now that gain is lost as the market is going down.

I am very grateful to Elon Musk for doing that, because of those little things that Elon Musk did. Can make many people get interested in Bitcoin,
even some people immediately became panic buyers. It must be admitted that Elon Musk's popularity was very influential in making Bitcoin even
more recognized throughout the world. Even some online media have started writing articles related to Elon Musk supporting Bitcoin. In the end
this is positive news in my opinion, even not long after Elon Musk added #bitcoin to his twitter, the price of Bitcoin immediately pumped.

"In retrospect, it was inevitable." Elon literally had become vocal in his support iwth cryptocurrencies and bitcoin in the past few years, even went so far as to include a pruchase option in Paypal for bitcoin, although of course it was not as cool as we thought it was when it was just about to be released, still, we can see how enthusiastic the guy is in his support for bitcoin, hopefully this carries on because more good publicity will be helpful for bitcoin's goal of reaching $100k

Elon Musk want to introduce his all followers about bitcoin,a lot of people are getting excited about Bitcoin and I think he is trying to convince his followers that, this is the right time to buy Bitcoin.

Elon Musk is a big influencer, many people heard and obeyed her voice. This is the reason for every tweet he makes many people will immediately buy the coin that he mentioned. Imagine if 1K, 10K or maybe 100K people buy the same coins. Of course, the price will to the moon in a very short time

Very crazy how come just tweet and change twitter bio and use bitcoin hastag could make bitcoin price up, lately he made Doge up to higher price after tweet with doge coin, maybe bad effect after his tweet because many trader and investor will buy coin although have raise to higher price, look what happen with many investor or trader after buying doge on higher price, how long they will waiting for doge back again above $0.08 and will be patient waiting doge back higher price or they sell doge on lower price.

Yeah, Elon Mush being the richest person in the world uses the #Bitcoin on his bio that affects the market, we have seen a great movement of bitcoin when he used that hashtag, we have also seen it with the dogecoin that goes up for about 700%. It is like magic, with a simple hashtag makes a big change.

I think Elon Musk isn't what we saw as it seems before because I think one lf his source of income is thru cryptocurrency. We only knew Elon Musk because of its company, the Tesla yet we I can also read about some articles where the cryptocurrency such as bitcoin is corresponded on his name. I think this idea of Elon putting #Bitcoin in his bio twitter will make a huge impact on the market knowing some people might be idolizing him and will also get into what he is up to. This simple act of putting bio will likely to have  big impact. Besides Elon Musk is the most rich person all over the world domination the last one before.

Let's suppose he tweets after few days that he has invested in bitcoins. This news will spread like fire among the institutions and we cannot image the hype which it will bring in the market. I am sure he has already invested in bitcoin but has not made it public yet.

I think you was wrong with Elon Musk and looks impossible with Elon Musk will bring wrong coin for tweet, I think he only tweets with coin without know the developer and only bitcoin and doge as his destination tweet only, this very good because bitcoin and doge do not have developer so he not make other become rich and get chance for their coin up, I think so far he never tweet with tron, xrp or other coin, lest support him for tweet coin like this exactly with bitcoin.

Elon Musk adding #Bitcoin to his twitter bio does not really influence mass adoption of Bitcoin. It will just made people buy bitcoin without understanding why they are buying it or what bitcoin is  and its purpose in the financial ecosystem. This will just make people lose money since they are just going to invest without knowing that Bitcoin market is very volatile. Not all of his followers have in-depth knowledge about Bitcoin investment and trading.

I was thinking the same. It seems like most institutions buy first then announce, for obvious reasons.

Then again, I still think it's risky for him to pump the market like this as he has been in trouble with the SEC for market manipulation, and although he wouldn't get in trouble in this instance, he probably knows that the SEC are delaying approving a bitcoin ETF because of potential market manipulation.

I think he has done thing that really make a lot of people believe that in the near future the price of bitcoin will go up again. But you don't have to force yourself to believe that this will influence many investors to buy bitcoin on a large scale. There may be hype, but you should do your own analysis before investing. Next, maybe he will write any other altcoins he wants. Do you have to continue to believe what he said ?
Without it, bitcoin has the potential to benefit many people. Price fluctuation is used for profit. In the long term, this is a profitable asset for the large number of people who enter at the right time.

Actually, as you can see from the quote, Elon already owns a small amount of bitcoins. I'm not sure about the investment, but I don't think he was lying, as it makes absolutely no sense. Yes, he may like Bitcoin or A Cypherpunk's Manifesto (https://www.activism.net/cypherpunk/manifesto.html), but that does not mean that he is interested in investing, (I don’t think he’s interested in anything at all besides space). Elon needs to spend money now, and the main missing resource for him is time. I'm talking about the Interplanetary Transport System (ITS) and the fact that he has repeatedly stated that he wants to visit Mars. So I don't think #Bitcoin is one of his priorities right now.

I thought  it was only Elon Musk, who had added the #️⃣  of bitcoin on their bio, yesterday  while on twitter, I noticed the CEO of Twitter, Jack has also added the bitcoin hashtag. This is a good hype for bitcoin,  considering  how influential and powerful , these two men are in the world. It's been  exciting  news for bitcoin  holders,  one can imagine the number of people who have familiarise  themselves  with bitcoin  through  this influence  of Elon Musk and co.

If a single tweet from a personality like Elon Musk can cause a 10% spike in the Bitcoin exchange rates, then we should also remember that the opposite case can be true as well. Tomorrow some of the other multi-billionaires (such as Zuckerberg or Gates) can tweet that the government should destroy the cryptocurrency ecosystem and the markets can crash by 10% or more than that in a matter of hours.  In the end, the truth is that Bitcoin remains a highly volatile asset which can go up or down by a large amount as a result of a single tweet.

Besides Elon, there are several accounts that I follow on my Twitter that change their bio with the Bitcoin BTC symbol

https://i.imgur.com/tU5jtdP.png  https://i.imgur.com/kSyKP02.png

https://i.imgur.com/8cAgBJ7.png  https://i.imgur.com/h2Ir4e7.png

true to the risks that will be faced by his followers if they buy Bitcoin just because they are inspired by Elon without knowing the risks behind.  but as long as those who buy Bitcoin don't sell their Bitcoin at a low price, the amount of Bitcoin they have will not change, only its value against fiat which fluctuate.

Honestly, I will only be glad of this, (for at least two reasons). First, I will buy some more Bitcoins at a better rate, and second, it will be an unambiguous sign that we are feared at the highest level. _{[Quoted Images]} It looks like Musk has created a new trend with his actions.

According me it can’t envision how Elon Musk be exceptionally impacted by individuals. With fair his tweet, destitute individuals begin to accept in it and we can't deny almost the tweeter hacked account final month is exceptionally compelling to inspired individuals and contribute, will I figure, they were caught at this stage. All have positive and negative had here, individuals will I figure upbeat since of Elon Musk's tweet, but what in the event that those individuals had to lose and ended up disillusioned from their misfortune. So personal research matters before investing in crypto.

Believe me, Elon Musk doesn't give a damn about all influential people, especially considering that one way or another in the future they will have to buy tickets to Mars only for Bitcoins. Oh no, I almost forgot, one person is not indifferent to him .. I mean little Sheldon, since he and Elon have something in common - that they are both obsessed with progress, (besides the stolen diary with the reusable rocket theory).

Elon Musk be exceptionally impacted by individuals?  who is that person?  I strongly agree with @icopress that Elon has never been influenced by individuals, what he is doing right now is purely his own desire, including loving Bitcoin and Doge.

https://i.imgur.com/KQ6mCLg.jpg
(the stolen diary with the reusable rocket theory) by musician 8)

Absolutely - and You might be right. However I still see it has huge pump, and with that follows a dump, might not a big one, but it will. But yes, the more attention and awareness the Bitcoin community gets, the more followers and investors will come.

Looks like he came back with a praise to Doge and it mooned :D

Yeah.. here is the original tweet:

https://twitter.com/elonmusk/status/1357231313376456708

I have no idea what he is up to. A single tweet related to Bitcoin, and it's price jumped by 20%. Another one mentioning DOGECOIN, and it's price rocketed by 60%. WTF is going on with the cryptocurrency market? I though that simple announcements from celebrities influencing the exchange rate was a thing of the past. And someone please explain me why serious investors are accumulating DOGE, when it is not protected against inflation (controlled supply principle doesn't apply to DOGE).

At this point I don't even know whether these sort of tweets are good for the cryptocurrency adoption or not.

That is the big indication that he is into Bitcoin.

As far as I know, that is not just Bitcoin but cryptocurrencies as a whole. There are a lot of cryptocurrencies that he has his eyes on and as far as I know, this is not the first time that he is being linked or connected to cryptocurrencies. As far as I know, he's been supporting or rooting for an altcoin in the past, I can't remember which one.

The funniest part is that doge jumped the second time he mentioned it. He didn't really say it's a better crypto than others, it was just a meme for lulz and the obedient market moved.

Elon mask has now a great role in cryptocurrency pumps especially bitcoin and dogecoin.
Very astonished to see the doge price pump when i inquired for price pump i find it its only one tweet of Elon Mask.
This is very special News. Now see which coin he mention next.

Yes, I saw that.  Elon Musk is the big idol of cryptocurrency.  Looks like he's running with the dog coin now.  He tweeted about Doge, And, Doge pumped at 0.059 within 20-30 minutes.

Today Elon musk make new tweet and make DOGE coin pump to higher price, you have notice your twitter account when Elon Must make tweet you have ready to buy coin tweet by him, but always DOGE become favorite coin tweet by him. I think almost several time Elon  Musk give positive impact for DOGE coin raise to higher price, but never try to buy few hour after his tweet if you don't want loss much money. Take faster after his tweet to get much profit.

This is not a coincidence, but it really is. Musk really has a huge impact on the price ... Did you see what happened to Dogecoin today? So this may not be his last manipulation ...

It looks like the world has gone crazy «The Elon Effect», I think the SEC's reaction is not far off ... and by the way, Elon removed #Bitcoin from his Twitter biography_.
Mark Cuban https://i.imgur.com/kqEAgNS.png
Elon Musk https://i.imgur.com/kqEAgNS.png

I want to give thanks to Elon musk for boosting the price of doge by the works of social media. He's currently playing a big role in cryptocurrency and I bet that most of the investors are happy because of his doing. Dogecoin was mentioned twice and a sudden increase of doge was seen in the market, definitely a boost by a known person which is elon musk. Even though it's a temporary increase, it helps us to grow profit for a mean time.

For those who're curious, this is the tweet https://twitter.com/elonmusk/status/1357231313376456708

I believe there is a lot of correlation between it.

Humanity as a species is very prone to following those people that a lot of others look up to, especially on Social Media. I've seen this myself in action as I've been the originator of a few things myself on a smaller level via social Media and I do not have the following nor the reputation that Elon Musk has. This was probably caused by Musk adding the hashtag and thus endorsing Bitcoin. Everyone was already watching what he'd do after the previous things he's done.

This was in addition to the markets and those within the markets reacting to it. I'm sure many, many new people googled Bitcoin right after seeing it on his Bio. They of course didn't all invest in the first hour, but many likely invested in the day or two following. Experienced traders knew what the result would be from this and quickly bought more knowing it would rise quickly due to increased interest.

Bitcoin will keep rising incrementally due to these things. Each thing will reinforce it's position and make it stronger. It's inevitable.

Elon can also make some money from his influence if he wants. Imagine buying at a low price then tweet something about it to hype the price up then sold at the peak price. He is very influential so I think he should not just post something to his social media account resulting for some people to get FOMOed. He may have help you to earn some profit but think of other people that bought at a high price, I heard that someone even bought at 7 cents. They will hold it for a long time if they want to avoid loss. When will they recover the amount they lose from it.

This is not entirely true, because the SEC will view 40 million Twitter followers as potential investors. Thus, potential investors should be aware of Elon's material involvement. Simply put, Elon cannot use his fame to advertise digital assets to his followers. Below is a quote that summarizes the SEC's position, (btw, he also cannot declare that he bought some coins).

Really now. A lot of people making assumptions just because Elon Musk tweeted something about bitcoin... We should know that that's not how it really works. There may be some factors about it but I think it's not entirely true. Bitcoin is not affected by this kind of factors alone and we know that it can't be controlled by anyone or any organization, even if it is an influencer or a famous one.

Elon Musk is the most influential person today in the world of cryptocurrency, perhaps his position as a successful entrepreneur gives a strong enough reason why all the coins that are tweeted with him are so expensive. Almost people believe with Elon Musk and he get great position in cryptcourrency, just his tweet can make doge coin pump above 1000% and better waiting for his tweet next time to get profit again.

The last well known public figure to "speak" about BTC was actually Jack Dorsey. He made a tweet basically him running a node - https://twitter.com/jack/status/1357588751757627393

While this is not ideal, it certainty isn't bad by itself. For sure we can't really make any kind of provision / prediction what this may mean for Twitter, mainly because the actions (or personal actions) of his CEO doesn't mean the company should follow, but it's always good to see BTC being spread out like that.

A small step, but a good step in the right direction ;)

Elon Musk https://i.imgur.com/kqEAgNS.png ^{[Thx for the idea to the cult leader]}
I would understand if Elon was preaching about Bitcoin, although maybe his tweets are directed to the US government (which is also not bad). In any case, I suspect that thousands of people will curse the day they bought DOGE at their peak (decided to listen to "investment advice" on Twitter). Below is a rather interesting comment ...

After a run to the Doge and Bitcoin, where else will Elon Musk go among these nearly thousands of cryptocurrencies. I also want
to wait for the coin especially the one he tweeted later, it will definitely make a  huge profit  again. Elon Musk is  becoming more
and more popular for now, it's because his tweets are always cool.