Elon Musk adds #Bitcoin to his Twitter bio - page 8.

arbiter5

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Quote from: pooya87 on January 29, 2021, 05:49:38 AM

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.

The Cryptovator

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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.

Quote from: hugeblack on January 29, 2021, 05:50:46 AM

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.

hugeblack

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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. Cheesy

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.

pooya87

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Quote from: arbiter5 on January 29, 2021, 05:36:53 AM

Quote from: pooya87 on January 29, 2021, 05:27:31 AM

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?

arbiter5

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Quote from: pooya87 on January 29, 2021, 05:27:31 AM

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

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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

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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:

Quote from: worle1bm on January 29, 2021, 01:22:35 PM

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.

Topic: Elon Musk adds #Bitcoin to his Twitter bio - page 8. (Read 1310 times)