Elon Musk adds #Bitcoin to his Twitter bio

[Ridwan Fauzi]

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.

[stompix]

Sure. But everything happened literally at the same time, within a few minutes.

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?

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%.

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?

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

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

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

[ourkid]

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

[BrewMaster]

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!

[gurunanakji777]

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.

[Maus0728]

Ever since the billionaire becomes a bitcoiner he does nothing more except promote btc on his social media handle, this must be a new found love for him, with Elon Musk on btc corner we should expect a ballistic price pump in coming days  
Let the guy shill btc some more, it is good for business

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.

[Slow death]

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?

 

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:

[Mpamaegbu]

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

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.

[dupee419]

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

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.

[onecall123]

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?

[MrRWallace]

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.

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 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.

[kentrolla]

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.

[hatshepsut93]

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.

[arbiter5]

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!

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

He also thinks that the entire planet is at home glued to Twitter, lol.

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

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%.

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.

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!

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

[mardaed]

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.

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.

[MrRWallace]

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.

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

[Argoo]

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.

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.

[rdbase]

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.

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!
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.

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!"
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!

[Shasha80]

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.

[Renampun]

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

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.