JRNY Crypto
Today J.K. Rowling took to Twitter to learn more about Bitcoin. Multiple reporters stated she had messaged them asking about Bitcoin and what it is.
Not long after this, most of the Crypto Twitter community had already chimed in and given their best shot to explain Bitcoin in as simplest terms as possible.
Bitcoin Twitter Response
Elon Musk Responds
Not long after, Elon Musk responding with a tweet that actually made a lot of sense and was bullish for Bitcoin in general.
Drunk Rowling
Unfortunately, Rowling already had 4 strong drinks in her system by the time she got all of these responses from Crypto Twitter attempting to explain what Bitcoin is.
I’m only allowing myself alcohol at weekends during this lockdown and I’m on my fourth very strong Old Fashioned and honestly, you might as well send me a scroll written in Sanskrit. – J.K. Rowling
Ethereum Founder Vitalik Buterin’s Response
One of the best responses I saw was from Vitalik Butern pointing out exactly why Bitcoin is so valuable. With ETH2 Staking launching soon, Ethereum will have a huge surge of demand during all the retail investors getting in.
Fear of Inflation
Lately many people have been discussing the impending inflation that is coming due to the feds printing trillions of dollars for stimulus packages and to prop up the economy during the pandemic. This has stemmed fear into many people that their savings will soon lose much of its purchasing power and as a result, people are considering Bitcoin and other Cryptocurrencies for the first time.
Recently Paul Tudor Jones announced he holds 1% of his wealth in Bitcoin as a hedge against inflation. Around this time Bitcoin also had it’s 3rd halving event, reducing the total number of Bitcoin created per day.
This means supply is decreasing, while demand is increasing and could cause a huge price spike in Bitcoin and other cryptocurrencies.
Conclusion
We are seeing more people take interest to Bitcoin lately than ever before and I believe this will result in a new retail demand for Crypto unlike anything we have seen before.
Bitcoin was created in 2008 during the last recession for this exact purpose. Will we finally see Bitcoin, Ethereum and other crypto’s finally get the lime light and pass the 1 trillion dollar global market cap for the first time?
