Bitcoin soars 14% after Elon Musk namecheck on Twitter

reuters.com

4 pointslpolovets2 comments

Moments like this make me realize how much of a joke the whole economy is. The fact that a person like Musk can have so much influence that he can print money by posting a single word tweet. The fact that there are Musk worshipers who pour their life savings into whatever Musk tells them to. Hypothetically, Musk could make or break a publicly traded company with a few remarks. And you know what? Wall St is paying attention and I bet it won't be long before we see public influencers for securities.

And to realize that this market that behaves in this way is the backbone of the most advanced economy on earth.

14% is not so crazy if you zoom out and check overall volatility of BTC and how it's in "correction" phase of a larger seasonal super-bubble. It's just speculators returning to "normal" in expectation of returning back to bullrun.

And volatility itself is understandable if the fate of BTC is either $0 or "replacing all base currencies and monetary use of gold, oil and real estate" which yields more than 20x higher than current price. There is no middle ground and market will be in a volatile "land grab" or "price discovery" until it flops or saturates monetary needs of everyone.

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