If you want to see the power of social media, you can look at the tweet Elon Musk did by using bitcoin hashtag. When personalities like Elon Musk use twitter, i.e., a social medium to express their thoughts or, let alone use a certain term, it has a very deep effect. Such people cause a ripple, and its effects are apparent. Cryptocurrencies have always been On the radar. Whether it is about the person who created it, or the constant increase or decrease in its process, the volatility, investment or else, you can always see news related to bitcoins circulating on the internet.
We all have heard of the word bitcoin more often. But those who are not well-educated on the topic, here is a quick review. A bitcoin is a cryptocurrency. Cryptocurrencies are digital currencies that first made an appearance in 2010. These currencies are unlike the one we use today. In fact, it is unseen and merely a concept that circulates all over the world through your digital wallet. The creator of digital currency is anonyms. However, it is known that this currency was created to change the face of the transactions and businesses all across the world. For more information on the bitcoin trends, visit this site.
What is bitcoin?
There is a reason people prefer to use bitcoin. It is not just a concept that is being hyped up. With time, people have started to understand the importance and use of bitcoins. For one, it is a decentralized system. It means that you don’t have to wait for days, indulge in paperwork and contact different banks and financial institutes to make transactions internationally. So, it saves a lot of time. Also, it saves cost as well. Its transaction fee is very minimal as compared to that of banks. Thirdly and most importantly, it is highly secure. It is based upon a technology called the blockchain technology. This technology creates blocks of information for every single transaction, making it secure. So, there are very limited chances of fraud. Lastly, it makes the transactions super easy. You can use the wallet no matter where ever you are and make transactions.
Who is Elon Musk?
Elon Musk is one of the most renown personality of our generation and generation X. He is South Africa born and got his nationality as American later. He is an engineer, industrial designer, entrepreneur, and business magnate by professional. Mainly, he is known for his exceptional knowledge of aerospace technology.
Elon Musk started his journey by becoming a co-founder of the largest electronic payment channel PayPal. Then later, his Chief executive ship started for his firm SpaceX, and now he is CEO of the world largest electronic car company Tesla.
If we sit down and talk about the career and ownership of Elon Musk, then all we can conclude that he took many initiatives and became co-founder for many firms like The Boring Company, Neuralink and OpenAI.
Elon Musk had always been a visionary. His ambition and imagination are beyond the world as we see it. He was just 12 years old when he developed a video game and sold it to a magazine that featured computer knowledge. His passion for the internet and computer grew with age. But in college, he perused a bachelor’s degree in economics and physics.
When he enrolled at Stanford university afterwards, he realized the true potential of internet and computer that has to offer to the words. Here are knowledge and passion helped him understand how much impact he can create on the economy and human lives through the technology.
His economic interest led him starting PayPal, the largest electronic finance system in the world. Other than that, one of his vision is associated with space and Multi-planet species. He started his company by the name SpaceX that has offered affordable rockets with the best space research purposes. His is also designer for his rockets Falcon, Dragon, and Grasshopper. Now he is sharing his technology and vision with Tesla by becoming his CEO.
Elon Musk and Bitcoin
and no, this was not doctored… #bitcoin pic.twitter.com/KvwAZKIwCd
— Michael Sonnenshein (@Sonnenshein) January 29, 2021
It was on 29 January 2021 that we all saw a tweet from Elon Musk. The tweet was a single line with a hashtag of bitcoin. And it took the world of cryptocurrency by storm. And within ten days, people were speculating about it. Some made assumptions that Elon Musk is investing in bitcoins, while others considered as a sign on something big is coming. The fact about social media is that people use it for open conversations. So, then Elon Musk tweeted, people took their interpretation of the tweet. Whatever the reason, within ten days, bitcoin witnessed a spike. And it wasn’t just any spike. We are talking about the double-digit spike. A single tweet of Elon Musk took bitcoin to a massive flight. In fact, the raise started to occur within 15 minutes of the tweet. That’s the power of Elon Musk, Twitter and of course bitcoin.
People from all over the world took it as a sign of something big regarding bitcoin. Although the bitcoin is continuing to increase slowly and steadily, the tweet changed the pace, and because of the volatile nature of the currency, there was a sudden spike. To make the tweet special, it was also used on the blockchain. The reason said that it was to do something good for the bitcoin community, but either way, the tweet was very much excited.
Because of Elon Musk’s single tweet, people are speculating, whether it is a way of saying that the CEO of Tesla is interested in buying bitcoin for his company. Or he is just complimenting the nature of the cryptocurrency. Whatever the tweet’s real motive is, it has caused a sudden and unbelievable spike in the bitcoin. The spike was visible for ten days, and it opened new doors of opportunity for bitcoin traders and investors. In the end, we can do nothing but get impressed by the power of Twitter and Elon Musk.