Bitcoin (BTC) has been endorsed by the founders of Twitter, Tesla and Reddit. This comes after a week in which social media networks, including Twitter and Reddit, have been used to pump highly-shorted stocks. At the same time, the so-called Wall Street Bets movement (WSB) has also pushed Dogecoin (DOGE) to record highs.
Bitcoin Endorsed By Tech Leaders
Bitcoin has been endorsed by the most recognized tech leaders all over the world. Elon Musk, the CEO of Tesla, wrote on his Twitter bio the Bitcoin tag (#Bitcoin). This pushed the price of Bitcoin to $38,000 on Friday 29. His 44,3 million followers are now able to see his support for Bitcoin.
Many users suggested that Musk could soon reveal that Tesla has been purchasing Bitcoin. However, this didn’t happen on Friday. Several companies have been acquiring Bitcoin in recent months. This has helped the price of BTC to reach an all-time high of $42,000.
Twitter CEO, Jack Dorsey, has also written #Bitcoin on his bio on Twitter. However, he did that a long time ago. Moreover, Square Inc., the company founded by Jack Dorsey, has also acquired $50 million in BTC. As we mentioned before, this is just one of the firms that have acquired Bitcoin in recent months.
In addition to it, the founder of Reddit, the platform that saw the creation of the Wall Street Bets movement, has also updated his Twitter bio with the Bitcoin logo. This started after Elon Musk decided to add #Bitcoin to his bio. Most crypto Twitter users decided to also add the logo of the largest cryptocurrency on their description.
Furthermore, it is worth taking into consideration that the CEO of Metal Pay, Marshall Hayner, believes that the crypto market is currently at its fourth wave of adoption. As BTC skyrocketed to $42,000, several firms started adding BTC to their balance sheets.
Now, Bitcoin has retraced from $40,000 and it is being traded close to $34,000 per coin. The market valuation of Bitcoin is currently $633 billion and the entire crypto market is close to $1 trillion market cap.
In the future, larger companies and other firms could start adding Bitcoin to their balance sheets. This could happen if the fourth wave of adoption described by Mr. Hayner takes place. Some analysts consider that it might be possible for Bitcoin to reach a price per coin of $100,000 in the coming years.