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Bitcoin (BTC) Remains Unmoved After Elon Musk’s ‘Bitcoin Is *Not* My Safe Word’ Tweet

Bitcoin 2020/01/10 15:16 by Brenda Ngari
Bitcoin (BTC) Remains Unmoved After Elon Musk’s ‘Bitcoin Is *Not* My Safe Word’ Tweet

On Friday, the founder of Tesla, and also the founder of SpaceX, Elon Musk, teased the crypto community with a tweet about the OG cryptocurrency. In a tweet, Musk said:

“Bitcoin is *not* my safe word.”

These six words attracted a flurry of comments and likes from the crypto Twitter community as most of them tried to decipher exactly what he meant. Nonetheless, this tweet has had no impact on bitcoin’s price as it is still trading in the red.

Elon Musk Says Bitcoin Is *Not* His Safe Word

As bitcoin continues trading below $8,000, bitcoin investors are scouring for a sort of win and Elon Musk’s tweet fits the bill. His recent tweet – though it remains anyone’s guess what he actually meant – is a huge boost for cryptocurrency adoption. This tweet has attracted as much as 46.4K likes at press time, with his over 30 million followers getting the chance to be introduced to the top cryptocurrency.

Twitter follower by the name bitcoin 2020 commented on the tweet with a thinking emoji to which the South African tech billionaire responded with a winking emoji.

Other bitcoin enthusiasts viewed this comment as a criticism of the bitcoin network security. Popular analyst The Moon retorted by noting that bitcoin is indeed the “ultimate safe haven,” and popular podcaster Peter McCormack invited Elon Musk to join him on his “What Bitcoin Did” podcast show.

Elon Musk Is Not New To Cryptocurrencies

Notably, this is not the first time the PayPal co-founder is mentioning bitcoin and cryptocurrencies in general. During a podcast interview with ARK Invest in mid-February 2019, Musk said that he believes bitcoin’s structure is “quite brilliant”. He went on to say that “paper money is going away” and cryptocurrencies are “a far better way to transfer values than a piece of paper.” He, however, admitted that he is not captivated by bitcoin’s Proof-of-Work (PoW) consensus mechanism because it is a “computationally energy-intensive” process.

Moreover, Musk triggered a significant Dogecoin rally last year after he declared that it was his “favorite cryptocurrency”. He later joked about being the CEO of Dogecoin on April Fools.

Similarly, he casually tweeted “Ethereum” in late April last year, a tweet that has since garnered 106,000 likes and 8,892 retweets. Whether Musk was only making sly innuendos or not is irrelevant. The cryptocurrency market often reacts positively when Musk speaks about crypto. However, today’s tweet has not impacted the bitcoin market in any way. The top crypto is down by 0.42 percent on the day to trade at $7,820.50.

The post Bitcoin (BTC) Remains Unmoved After Elon Musk’s ‘Bitcoin Is *Not* My Safe Word’ Tweet appeared first on ZyCrypto.

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