Bitcoin was all the rage on Twitter last week as its price rose in the biggest move in months. In one day, the price of BTC rose about $ 2,000, which shocked most investors.
The move attracted so much attention that famous people discussed the cryptocurrency again. One such celebrity was Sir Robert Bryson Hall II, also known as Logic. Logic is a now retired rapper and content creator, whose records have topped the charts on many occasions. His net worth is estimated at $ 15 million.
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Bitcoin just got another celebrity supporter
Logic tweeted on November 6, the day after the $ 2,000 surge, that its manager Chris Zarou convinced him to buy Bitcoin. Zarou is the managing director of the Visionary Music Group, the label for Logic, along with a number of other artists including Jeremy Zucker.
“My manager @ChrisZarou was bugging me, so I finally made a big investment in #Bitcoin.”
My manager @ChrisZarou was annoying me so I finally made a big investment in #Bitcoin
– Bobby bathroom break (@ Logic301) November 6, 2020
Days before Logic announced its support for Bitcoin. Zarou tweeted that he’s been “irresponsibly long” on Bitcoin.
The term used by Raoul Pal, CEO of Real Vision and retired hedge fund manager, is irresponsibly long. Pal has over 60% of his net liquid assets in Bitcoin or Ethereum and cites how he expects macroeconomic trends to send the cryptocurrency much higher than today.
Pal said the price of Bitcoin could reach $ 1,000,000 this market cycle due to institutional interest. He says central banks and large corporations may soon own BTC to hedge their portfolios against inflation risks.
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The public interest is not yet on the rise
While Logic and other celebrities like TikTok star Bryce Hall are buying Bitcoin, public interest is not yet rising, according to Google Trends.
Google Trends shows that search interest in the term “Bitcoin” and other crypto-related terms is still at multi-year lows.
Many see this as a sign that it is mainly institutional players and experts like Logic that are driving the rally. This is evident from institutional investment numbers reported by Grayscale, Stone Ridge Asset Management, and other fund managers and institutions trying their hand in this space.
Analysts hope the real market will begin as soon as retail investors enter the market. It is believed that retail investors drove the previous Bitcoin rally from thousands of dollars to $ 20,000.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Famous Rapper Logic Just Made a "Big Investment" In Bitcoin