CNBC reports that while hedge funds are shorting bitcoin by more than USD 1bn (meaning, betting the price will go down), individual investors are buying BTC and other cryptoassets, betting the price will go up. This, they argue, is reminiscent of the recent GameStop stock saga, driven by the r/wallstreetbets subreddit, stating that “bitcoin could be the new GameStop.”
Furthermore, BTC briefly rallied on Friday after billionaire Tesla founder Elon Musk added the BTC symbol to his Twitter bio.
“The mini-bubble encapsulates current market conditions: crypto is increasingly becoming a potent mix of social media-fueled hype and endorsements from billionaires,” crypto intelligence firm Coin Metrics said today in their newsletter.
Speaking of Musk, the world’s richest person announced a break from Twitter, saying “Off Twitter for a while,” sans providing a reason. During an interview on Clubhouse recently, Musk also said that BTC is on the verge of getting a broad acceptance by the “conventional finance people,” and that he must be careful when talking about crypto because his words could move the market.
