Bitcoin (BTC), the world’s largest cryptocurrency continues to receive strong interest from some of the biggest tech billionaires in the world. In a recent development, Facebook founder Mark Zuckerberg has hinted his support for Bitcoin in a public post shared on his Facebook timeline. Sharing an image of two goats, Zuckerberg wrote: “My goats: Max and Bitcoin”.
This post from Zuckerberg has spurred speculations that Zuckerberg, could soon be or already has, joined the Bitcoin bandwagon. So what’s next? Zuckerberg announcing Bitcoin investment from Facebook’s balance sheet in the next quarter? Or it could be the billionaire investing from his personal wealth.
A few weeks back, the crypto market was abuzz with speculations that Facebook will announce its Bitcoin investment during the Q1 2021 results. Although it didn’t turn out to be true, the latest post from Zuck will give rise to a fresh set of speculations.
Facebook has been working hard to dabble into the crypto space since 2018. The company wished to launch its own crypto Libra (now Diem) how had to face big regulatory hurdles. Anyway, Zuck’s latest post has been welcomed by some of the crypto industry players. Skybridge Capital founder Anthony Scaramucci tweeted:
“I knew Mark Zuckerberg would become a #Bitcoin-er when he hired David Marcus from PayPal to run @Facebook’s crypto business. It’s been a long and winding road, but welcome to #Bitcoin. Great job Zuck and David. Excited for what comes next”.
As we know, Zuckerberg is not the first to extend support for Bitcoin. Tech titans like Elon Musk and Jack Dorsey have openly endorsed Bitcoin (BTC) even with their companies investing huge sums in the cryptocurrency.
This February 2021, Tesla announced its $1.5 billion investment in Bitcoin from its reserve cash. Similarly, Jack Dorsey’s Square has poured over $150 million in BTC investment over the last few months. Amid the recent BTC price consolidation and altcoin market gaining strength, a few Wall Street giants have expressed concern that Bitcoin could be losing its market dominance. But as long as billionaires and institutional giants pour billions of dollars in BTC, it’s going to remain the crypto king.
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