Despite its shortfalls in the early days, the rapid growth of Bitcoin continues to be attributed to several factors by many, with everyone entitled to their opinions about the cryptocurrency. While some analyst concluded that the rapid institutional adoption of the cryptocurrency is the reason behind its growth, a few others believed that the growing popularity of the digital assets.
The move was spearheaded by several investment gurus like Micheal Saylor, Winklevoss brothers, Jack Dorsey and Co. is likely responsible. However, Tesla, Owner and now the second richest man in the world, Elon Musk, has recently become a mover of the Bitcoin market, something he has done at least thrice this year.
Bitcoin shoots up to $56,000 immediately after Musk revamps his Twitter profile
The CEO of SpaceX continues to prove to be an influential figure in the Bitcoin prices market. A few weeks ago, after his institutional adoption of the cryptocurrency, it moved the prices of the assets closer to the $50K mark. Tesla, a company owned by Musk, announced earlier in January that they had committed 2% of their treasury to Bitcoin, a move which automatically increased the cryptocurrency price by 18%.
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The latest news concerning Musk and Bitcoin is that the Billionaire investor had recently changed his Twitter profile picture to a photograph of Bitcoin, something he claims will only be there for a day. The cryptocurrency price reacted to the news by crossing the $56K mark for the first time, and its market capitalization hitting the $1 trillion mark again.
Coincidentally, this is not the first time Musk is changing his Twitter profile picture, also known as an avatar, as the Billionaire once did so in 2018. He got his account suspended by Twitter, with suspicions of a hack. It should also be remembered that sometimes in late January, the Billionaire tweeted #Bitcoin on his Twitter page. That action also spiked the prices of the cryptocurrency by 12% that day alone.
Musk is the new Bitcoin kid on the block
The Billionaire investor is popularly known for being an investment success, as most of his wealth had been gotten from investing correctly. Sometimes earlier in the year, Musk started meddling in the affairs of Dogecoin, something the businessman termed “a joke of a cryptocurrency.” Musk’s relationship with Dogecoin had since improved the fortunes of the cryptocurrency, taking it to several high price lifts. The implication of the actions of Musk further proves that the impact of social influencing on crypto tokens and assets cannot be understated.
Before Musk, there were Winklevoss brothers, Jack Dorsey of Twitter, Micheal Saylor, and many others who have quietly moved the prices of Bitcoin. It is worthy to note that Micheal Saylor, CEO of Microstrategy, is one of the Bitcoin analysts who openly provided all the support Musk and Tesla needed to commit to Bitcoin finally.
However, Musk is also not the only Bitcoin lover who changed his profile picture to Bitcoin. Several admirers like Anthony Pompliano, Max Keiser, and Micheal Saylor have all followed the steps of the new kid on the block who is here to stay.