Following encouraging remarks from Elon Musk, the CEO of Tesla, SpaceX, and Twitter, as well as Changpeng Zhao, the co-founder and CEO of Binance (also known as “CZ”), the price of Bitcoin, which had dropped below $16,000 to reach its lowest level in almost a year, surged today.
Jason Calacanis, an angel investor and businessman, posted a question on Twitter yesterday, asking where the price of Bitcoin would be in a year. The most popular cryptocurrency hit an all-time high of more than $69,000 in November 2021. About a day later, Musk, who paid $44 billion for Twitter, tweeted that he was still optimistic about Bitcoin’s future.
“BTC will make it, but might be a long winter.”
Bitcoin was trading around $15,948 just before the tweet from Musk (having dropped below $16K about two hours earlier), and shortly after the tweet, the $BTC price started surging, reaching $16,821 by 7:51 a.m. UTC. As of publishing, the price of Bitcoin is $16,723 up 2.59% since yeasterday.
This statement is noteworthy because, despite liking Bitcoin and Tesla’s investment in it, Musk’s last tweet about the digital currency was a year ago, when he voiced concern about the energy consumption of Bitcoin mining. He began focusing on Dogecoin ($DOGE), which he referred to as his favourite cryptocurrency on April 20.
CZ announced an “industry recovery fund” to help projects who are otherwise strong, but in a liquidity crisis. He also invited other industry players with cash to participate in the fund by saying that “Crypto is not going away,” and urged to rebuild the industry. His tweet, along with that of Elons, is an indicator that major crypto personalities still believe in the sector given the falling trust factor among retail crypto investors due to the collapse of crypto exchange FTX.