Crypto is full of all kinds of stories that we hope to be true.
One of the reasons for bitcoin’s rise in price is that people are recognizing its power to disrupt.
It’s not a simple representation of the global liquidity cycle. The Nasdaq 100’s performance is not affected by it either. Correlation, be damned. The best we can do is to call it a coincidence.
Binance’s co-founder Changpeng Zhao tweeted that bitcoin prices are rising. “gm.”
This is something I’ve covered before. Zhao’s four-month sentence, which included time spent in a Long Beach midway house, was completed in September.
Zhao has shared gms three times on X, and each time bitcoin has pumped shortly after.
All in all, bitcoin has rallied 82% since Zhao first tweeted following his release two months ago — from about $54,600 to as much as $99,456 this morning.
Zhao has now tweeted “gm” In his Twitter history, he has tweeted 11 times since March 2022.
The price of bitcoin increased in all cases except two. It has also retained its value. It’s 80%.
Zhao’s gms are worth $1,000, so anyone who purchased that amount of bitcoin with his gms will have earned 0.317 BTC or $11,000.
Now they can cash out nearly $31,480. This is a 186% profit.
There are many things that correlate with bitcoin’s price.
Here’s a similar, but opposite, story from a few years back: the S&P 500 crashes every time rapper Lil Yachty releases music.
Zhao’s gms may not be harmful for those who are superstitious.
His last two-weeks’ absence is now past. It’s been two weeks since his last.
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