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Tech mogul and the world’s richest entrepreneur Elon Musk has taken to his official account of the X social media platform to share a meme with the X community and crypto fans.
Prominent cryptocurrency trader Willy Woo made a comment which aroused the crypto community’s curiosity – he assumed that Musk is buying Bitcoin.
"Elon Musk is stacking Bitcoin": Willy Woo
Elon Musk published a meme about which says: “Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.” “You are here”, an added text says, pointing at the “weak men and hard times” part of it.
The X community responded with a mixed reaction. However, cryptocurrency trader Willy Woo, perhaps somewhat jokingly, pointed out that this is likely an “encoded message”, which means to say that Elon Musk is “stacking Bitcoin.” Other large crypto accounts also reacted to Musk’s tweet but none of them suggested anything close to Willy Woo. The tech billionaire did not respond to that.
This is an encoded message.
— Willy Woo (@woonomic) August 4, 2024
He's saying he's stacking #Bitcoin.
Musk’s tweet has gathered 51 million views, 723,000 likes, 110,000 shares, and 24,000 comments by now. In 2021, Elon Musk announced that Tesla bought $1.5 billion in Bitcoin and began accepting BTC as payment for e-cars. But that option was closed down due to the controversial BTC mining issues. Then, in 2022, Musk announced that he held Bitcoin, Ethereum and Dogecoin.
Bitcoin crashes by more than 18%
Over the past 24 hours, the world’s largest cryptocurrency in terms of market capitalization size, Bitcoin, has seen a massive bearish rebound, falling from the $61,000 level and briefly touching the $49,670 zone. By now, BTC has recovered slightly, changing hands at $52,020.
Over the past week, there has been a much bigger Bitcoin crash – BTC has lost a whopping 25.50%, collapsing from $70,000 to the current price area.
Traditional markets have been in free fall since Friday too and they are pushing Bitcoin down, a BTC maximalist, JAN3 CEO Samson Mow believes. However, the key reason for the TradFi and cryptocurrency markets crash was named by the crypto journalist and insider Colin Wu – the current negative situation with the Japanese Yen.
Bitcoin fell to as low as $49,000 before rebounding. The 24-hour liquidation amount of CEXs has exceeded $10.68 billion. The main reason is believed to be that the BOJ's interest rate hike ended yen arbitrage, and traders sold risky assets to repay debts. pic.twitter.com/tFN8wHC3go
— Wu Blockchain (@WuBlockchain) August 5, 2024
Wu wrote that the Central Bank of Japan interest rate hike ended yen arbitrage, so traders had to sell risky assets to repay their debts.