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February 13, 2024

Elon Musk's Twitter Activity Sparks Bullish Sentiment as Bitcoin Surpasses $50,000

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Elon Musk, the influential CEO of Tesla, X (formerly Twitter), SpaceX, and other tech companies, received a wave of positive and bullish comments from the cryptocurrency community on Twitter. This surge in sentiment comes after Bitcoin's price surpassed the $50,000 mark.

Elon Musk's Twitter Activity Sparks Bullish Sentiment as Bitcoin Surpasses $50,000

Bitcoin's Surge and the Main Reason Behind It

Bitcoin's price surge can be attributed to the continuous accumulation of massive BTC chunks by Bitcoin ETFs over the past month. These spot-based assets were approved by the Securities and Exchange Commission in January. On February 12, Bitcoin reached a record price level above $50,000.

According to VC investor and entrepreneur Anthony Pompliano, Bitcoin has become Wall Street's favorite asset. While miners produce 900 BTC per day, Bitcoin ETF issuers are acquiring 12.5 times that amount. Pompliano believes that this trend will lead to a new all-time high for Bitcoin.

Samson Mow's Bullish BTC Statement

Samson Mow, CEO at Jan3 and a Bitcoin maximalist, expects Bitcoin to skyrocket to the $1 million mark unexpectedly. He points out that in 2017, Bitcoin surged 20 times within nine months without any fundamental changes in market dynamics. Mow believes that the massive inflows of hundreds of millions of dollars into Bitcoin ETFs every day will drive the price even higher.

Mow suggests that if someone finds it hard to believe in a 20 times increase in Bitcoin's price, they should wait for BTC to hit $100,000 and then expect a 10 times price surge.

In conclusion, Elon Musk's recent Twitter activity has sparked bullish sentiment in the cryptocurrency community as Bitcoin surpasses $50,000. The continuous accumulation of Bitcoin by ETFs and the belief in Bitcoin's potential for significant price growth contribute to the positive outlook for the cryptocurrency market.

About the author
Ethan Lim
Ethan Lim
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Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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