Elon Musk adds #Bitcoin to his Twitter bio

[arbiter5]

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





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

"bitcoin" interest spike up. Via Google Trends:



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:

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.

[pooya87]

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".

[arbiter5]

Just because someone places hashtag on his twitter account doesn't make people go and buy bitcoin.

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?

[pooya87]

Just because someone places hashtag on his twitter account doesn't make people go and buy bitcoin.

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?

[hugeblack]

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.  
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.

[The Cryptovator]

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.

I'm surprised why people are making crazy investments based on someone's recommendation?

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.

[arbiter5]

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?

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.

[eaLiTy]

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?

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  .

[mk4]

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?

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.

[amishmanish]

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.

[cryptomaniac_xxx]

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.

[pooya87]

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.

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!

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?

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.

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.

[Wexnident]

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.

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.

[arbiter5]

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.

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

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.

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.

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.

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.

[Coinsfera]

Just so if you were wondering about the sudden price spike:
https://twitter.com/elonmusk
https://twitter.com/elonmusk/status/1355068728128516101
"bitcoin" interest spike up. Via Google Trends:

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.

[aoluain]

Just because someone places hashtag on his twitter account doesn't make people go and buy bitcoin.

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?

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.

[Antlia Protocol]

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

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.

[youdacapt]

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

[Poker Player]

-snip

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.

[UserU]

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.

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.