This will probably bring a big pump and dump, I believe in long term BTC and not in such moves.
Agreed.
Topic: Elon Musk adds #Bitcoin to his Twitter bio - page 7. (Read 1362 times)
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.
I am not selling. They can manipulate at will.
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
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
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.
Tell me about it
Quote
Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio
Source: https://www.cnbc.com/2021/01/29/bitcoin-spikes-20percent-after-elon-musk-adds-bitcoin-to-his-twitter-bio.html
Source: https://www.cnbc.com/2021/01/29/bitcoin-spikes-20percent-after-elon-musk-adds-bitcoin-to-his-twitter-bio.html
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.
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?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. 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.
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.
This will probably bring a big pump and dump, I believe in long term BTC and not in such moves.
Agreed.
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.
-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.
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
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.
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?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.
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. https://twitter.com/elonmusk
https://twitter.com/elonmusk/status/1355068728128516101
"bitcoin" interest spike up. Via Google Trends:
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. 
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. 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 entire spike may not be entirely due to Elon Musk, but we can't entirely write off his influence.
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!This kind of pumping and emptying should stop. It is a good example of the blindness of the weak financial intelligence of many people.
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.
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.
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.
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.
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.
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.
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 
. Jump to: