Elon Musk adds #Bitcoin to his Twitter bio

[meanwords]

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.

[adzino]

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.

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.  

[rdbase]

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.

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.

I liked the idea of doge when it came out and it is still not taking itself so seriously with someone releasing a picture of a magazine cover of alot of peoples beloved doge ambassador.
https://www.reddit.com/r/dogecoin/comments/dl29cy/would_you_buy_this

 

[Febo]

Elon Musk adds #Bitcoin to his Twitter bio

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.

[mk4]

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.

[worle1bm]

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.

[aoluain]

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.

[tinopener]

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.

[thecodebear]

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.

[icopress]

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



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.

That said, I still only own 0.25 BTC, which a friend sent me several years ago. Don’t have any crypto holdings.

[thecodebear]

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

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.

[icopress]

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.

Gamestonk!! + r/wallstreetbets

[butt_hurt]

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.

[thecodebear]

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, SMS 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.

Gamestonk!! + r/wallstreetbets

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

[thecodebear]

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.

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.

[ReiMomo]

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?

[Oceat]

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.

[Wysi]

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.

[Tstar]

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

I think of writing a bot that buys everything mentioned by Musk 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.

[theskillzdatklls]

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.