Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s Twitter bio now reads just one word, and it is “#bitcoin.”
What Happened: The description is accompanied by Musk’s latest tweet that says In retrospect, it was inevitable.” It isn’t immediately clear if the world’s richest person is referring to change in his Twitter bio or another event.
In retrospect, it was inevitable
The Tesla CEO earlier on Thursday sent out a tweet with a picture of a dog in it that was interpreted to be a show of support for joke cryptocurrency Dogecoin, which soared more than 800% after the move.
Bitcoin (BTC) recovered 11% on Thursday, trading at $34,029 at press time.
What Happened: The world’s apex cryptocurrency had crossed the $41,000 mark earlier this month but the rally has since muted, with Bitcoin plunging to below the crucial $30,000 level this week.
Ethereum (ETH) traded 5.6% higher at $1,341.53 at press time. The cryptocurrency too had hit an all-time high last week before retreating.
What’s Impacting The Cryptos? The surge in Bitcoin comes amid a much-higher interest seen in a minor joke cryptocurrency called Dogecoin.
Dogecoin has surged 514% in the 24 hours leading up to press time at $0.05 and is close to joining the top 10 crypto-club, in terms of market capitalization.
Need For Decentralization Highlighted Through Gamestop Short Squeeze
Last Updated: 28 January 2021
For those who don’t know yet, Gamestop has seen an event happen to its stocks that will probably go down in the memories of traders of the world. The company saw a successful short squeeze occur after its stock price pumped above the $370 mark. This has caused some within the crypto industry to start to press harder for decentralized finance.
Gamestop Becoming A Battlegrounds
The amazing fact was that Gamestop saw its trading stock handle for less than $20 apiece just earlier this month. However, r/WallStreetBets had its members realize that a hedge fund was busy attacking the company, as it had disclosed a large short position within the stock.
Bitcoin. The activity in GameStop is more proof of concept that Bitcoin is going to work, he told Bloomberg.
Scaramucci s SkyBridge has exposure to Bitcoin of about $385 million.
The
SkyBridge Capital cofounder Anthony Scaramucci argues that retail traders victory against short-sellers in the GameStop battle is a positive for Bitcoin.
Scaramucci told Bloomberg in an interview that the impact of small retail trading groups showed the power of decentralized finance - the very concept that underpins Bitcoin.
Money management, once perceived as limited to a concentrated group of highly paid advisors, is being democratized through smartphones and low-cost online trading, Scaramucci said.