Elon Musk Reveals his Bitcoin Holdings, and Illustrates it’s ‘Why’ to JK Rowling

By Nivesh Rustgi
Published May 16, 2020 Updated May 16, 2020
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Elon musk cryptotwitter
Elon musk cryptotwitter

Elon Musk Reveals his Bitcoin Holdings, and Illustrates it’s ‘Why’ to JK Rowling

By Nivesh Rustgi
Published May 16, 2020 Updated May 16, 2020

JK Rowling irked Crypto Twitter by a possibly drunk text (Old Fashioned!). She is now overwhelmed by the response and probably rues that she did. She attempted to learn about Bitcoin and within hours tweeted this,

This started as a joke, but now I’m afraid I’ll never be able to log in to Twitter again without someone getting angry I don’t own Bitcoin. One day you’ll see a wizened old woman in the street, trying to trade a Harry Potter book for a potato. Be kind. She did try to understand.

With over 14.6 million, the famed author Harry Potter was possibly having fun with her friends or just experimenting with the new fad. However, looks like she failed to understand or trust it in the end. Reportedly, in hours she received over 1300 responses, and the number keeps on growing by the minute.

Nevertheless, there was a sliver lining to it as well. As she saw crypto twitter trying to find analogies with trains, alcohol, gold, and numerous other scenarios, Elon Musk batted for CT and Bitcoin. His reply comes as a dream for the Bitcoiners. He tweeted,

Before speculation around his Bitcoin holdings began, he stated that outright as well. He tweeted,

I still only own 0.25 Bitcoins btw

So, is Musk bullish on Bitcoin?

Probably is, at least more bullish than the US Dollar. Moreover, the more important thing here is that Bitcoin is becoming widely pervasive, and people are paying more attention to it than ever. As it crawls back up to $10,000 and with the four-year halving event, more people are yearning to learn about it.

The google trends data for the term ‘Bitcoin’ is seeing witnessing an uptrend since the coronovirus crash. Last years, the massive increase from $4000 to $14,000 got the internet excited about it. google trend bitcoin search

Google Trend for ‘Bitcoin’While the interest is minuscule compared to the time of the crypto bubble of 2017, there is a strong correlation with the attention given by the media as well.

There are very few outside the industry who’d understand ‘halving’ completely in the first go. Yet, the search and speculation around it has been tremendous lately. Moreover, the current global economic back-drop is just right for it as well. With the expansion in the Feds’ debt balance sheet by $7 trillion since the beginning of the COVID-19 crisis, any sane person is having doubts about the future.

Moreover, while the US dollar enjoys global demand as a reserve currency, other FIAT currencies are likely to face even stronger problems. Of course, Bitcoin cannot solve everything it by waving a magic wand. Nevertheless, when corrupt regimes fall, the internet money might offer refuge to the liberators and innovators.

Do you believe in the ‘Bitcoin story’? Please share your views with us. 


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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