Over the past week, the trend of Bitcoin hot searches on Twitter has been constant, as the price recently recorded the biggest increase in the past few months. In one day, the price of BTC rose by about $2,000, shocking most investors.
This move has attracted so much attention that some celebrities began to discuss this cryptocurrency again, Sir Robert Bryson Hall II (Sir Robert Bryson Hall II), also known as Logic, Such a celebrity. Logic is a retired rapper and content creator. His creation record has topped the charts on many occasions. In 2018, his song “1-800-273-8255” was nominated for the 60th Grammy Awards. The two awards for song and best music video are estimated by the outside world to have an estimated net worth of US$15 million.
Logic tweeted on November 6 that the day after the price rose by $2,000, his manager Chris Zarou persuaded him to buy Bitcoin. Zarou is the CEO of Visionary Music Group, Logic’s record company, which includes many other artists such as Jeremy Zucker.
Logic stated that my manager Chris Zarou has been persuading me, so I finally made a large investment in Bitcoin.
A few days before Logic announced its support for Bitcoin, Zarou tweeted that Bitcoin was “going crazy.”
The language used by Real Vision’s CEO and retired hedge fund manager Raoul Pal is more radical. Pal (Pal) put more than 60% of the net value of current assets in Bitcoin or Ethereum, on the grounds that he expects macroeconomic trends to make cryptocurrency prices much higher than today.
Pal said that due to institutional interest, the price of Bitcoin may reach $1 million in this market cycle. He said that some banks and large companies may soon hold BTC to hedge their investment portfolios and protect against inflation risks.
Although other celebrities such as Logic and TikTok star Bryce Hall are buying Bitcoin, according to Google Trends, public interest in Bitcoin has not increased.
Google Trends shows that search interest for “Bitcoin” and other cryptocurrency-related terms is still at a low level for many years.
Many people believe that the main factors driving Bitcoin’s rise this time are the increase in institutional participants and the involvement of celebrities such as Logic in Bitcoin. Grayscale, Stone Ridge Asset Management and other fund managers involved in this field, as well as the institutional investment figures shown in some reports, clearly show this.
Analysts predict that once retail investors start to enter the market, then the real market madness may begin, and most people also believe that retail investors are the root cause of the previous Bitcoin rally from thousands of dollars to $20,000. I don’t know if the same situation will happen in the future.
