Facebook CEO, Mark Zuckerberg’s Cryptic Bitcoin Message Has the Market Excited
Mark Zuckerberg, the co-founder of an $875 billion market cap company holding $62bn cash on its balance sheet, is now rumored to have a big Bitcoin position.
Late last month, the rumor emerged that social media giant Facebook is holding Bitcoin on their balance sheet, which was then quashed by the earnings call where the company reported $26.17 billion revenue for the quarter, a 48% increase compared to last year but no mention of BTC.
Given that Facebook has been trying to move into the cryptocurrency space through its stablecoin project, Diem launched as Libra in 2019; this could have been expected. Not to mention other companies like Tesla and Square have done the same.
But no such thing happened, and Facebook not buying Bitcoin saw the crypto assets price recording a slight decline that day.
But Facebook, or at least its creator, seems to have decided to redeem itself now with co-founder and CEO Mark Zuckerburg’s latest post on Facebook simply reading “My Goats: Max and Bitcoin” with the picture of the said two goats.
This obviously got the crypto market started yet again and speculating that this could not be without reason.
“Honest question- if you’re worth $116bn, how much BTC do you have to own before you name your goat Bitcoin,” tweeted Travis Kling of Ikigai Fund.
Many others speculated the same with Arjun Balaji from crypto fund Paradigm, noting, “Refuse to believe that Zuck’s post doesn’t contain some strategic, coded message.”
Anthony Scaramucci, the founder of SkyBridge Capital, also chimed in with, “I knew Mark Zuckerberg would become a Bitcoiner when he hired David Marcus from PayPal to run Facebook’s crypto business. It’s been a long and winding road, but welcome to Bitcoin. Great job, Zuck and David. Excited for what comes next.”
The latest rumor doing the rounds is now that Zuckerburg has built up a $10 billion position in Bitcoin, which if true could propel another wave of inflows into the cryptocurrency and send its prices higher towards six-figure.
Since February, institutions have been accumulating BTC in the $48k and $60k range, with approximately 154k BTC has flown out from Coinbase into multiple cold wallets, as per CryptoQuant.