Crypto has all kinds of tales we hope are actually true.
For one, bitcoin’s rising worth is dictated by the world recognizing its uncooked disruptive energy.
No approach that it’s a easy reflection of the worldwide liquidity cycle. Nor does it function a primary multiplier on the efficiency of megacap tech shares within the Nasdaq 100. Correlation be damned. Coincidence at finest.
Right here’s one other: The value of bitcoin goes up when Binance co-founder Changpeng Zhao tweets “gm.”
It’s one thing I lined some time again. However that was earlier than Zhao completed up his four-month jail stint in September, which included a keep in a Lengthy Seashore midway home.
Zhao has since shared gms on X 3 times, and every one has preceded bitcoin pumping shortly after.
All in all, bitcoin has rallied 82% since Zhao first tweeted following his launch two months in the past — from about $54,600 to as a lot as $99,456 this morning.
Right here’s (virtually) each “gm” tweet from CZ mapped to the worth of bitcoin
Zhao has now tweeted “gm” on 11 completely different events throughout his full Twitter historical past, beginning in March 2022.
On all however two, the worth of bitcoin has gone up in a major approach inside days, retained that worth after which some. That’s an 80% success price.
In reality, anybody who’d purchased $1,000 value of bitcoin alongside Zhao’s gms would’ve accrued 0.317 BTC for $11,000.
They’d now be capable of money out virtually $31,480, which is a revenue of 186%.
After all, correlation just isn’t causation, and a great deal of stuff correlates with the worth of bitcoin in any case.
Right here’s an analogous, however reverse, story from a number of years again: the S&P 500 crashes each time rapper Lil Yachty releases music.
Nonetheless, for the superstitious, Zhao’s gms can’t harm.
It’s now been two weeks since his final. Sounds overdue.
