Good For Bitcoin? BTC is Now Trending after Exploding on Twitter
A ton of blue check twitter accounts got hacked to promote bitcoin-related scams.
Hijacked accounts claimed that they were going to give people bitcoin or double their stash after they sent some to an address first.
This went on for a long time, and now Twitter is investigating the matter which it says is a “coordinated social engineering attack” using the internal tools and systems. As we reported, the hacker only managed to scam 12.8 BTC, worth $120,000, out of people.
Interestingly, Twitter co-founder and CEO Jack Dorsey is a bitcoin supporter who believes BTC could one day become an internet currency, and his bio simply reads Bitcoin.
According to some members of the crypto community, this is all good for bitcoin. It rings true given that not only ‘#TwitterHacked' is trending on the social media platform but also #Bitcoin.
oh good #Bitcoin is trending what wonderful circumstances
— moon (@MoonOverlord) July 15, 2020
Being such a big incident having attacked the accounts of Elon Musk, Jeff Bezos, Warren Buffett, Joe Biden, Barack Obama, Benjamin Netanyahu, Kanye West, Kim Kardashian, Michael Bloomberg, Apple, Wendy's, Uber, and others, the world's leading cryptocurrency is getting a lot of attention.
Crazy that they started with Angelo and then went “okay, Kanye West and Joe Biden next?”
— KING CO฿IE (@CryptoCobain) July 15, 2020
“Millions of people around the world are about to hear about Bitcoin again in the following few hours,” said economist and trader Alex Kruger. “Today's hacks will be in every newspaper and media channel.”
10s of millions of new people may learn about #Bitcoin…
— Gabor Gurbacs (@gaborgurbacs) July 15, 2020
While some like trader DonAlt voiced concern that “It's kind of crazy that crypto will be forever associated with scams in a lot of people's mind after this,” adding “hope the saying “There's no such thing as bad publicity” rings true for crypto.”
Some good did come out of this as Congressman Tom Emmer said,
“Bitcoin isn't the problem. Centralized control is.”
Also, Blake Robbins of Ludlow Ventures, who previously worked at Google, Nest, and SpaceX, shared his intention to stack some sats.
“I sort of want to buy Bitcoin now?” he tweeted.
For now, the price of bitcoin is unaffected, currently trading just over $9,100, down 1.80%. It did take a small, less than 2% drop from $9,200 after the incident happened but remained in the range it has long been stuck in.
— Mati Greenspan (Tweets are not trading advice) (@MatiGreenspan) July 16, 2020
According to trader DonAlt, the digital asset could squeeze upwards in the short term but is bearish in the mid-term.