A tweet from a Bitcoin (BTC) investor has taken social media by storm after it claimed that Facebook is a Bitcoin Hodler.
The social media post, coming from BTC investor and Hedge Fund CIO Alistair Milne, said, “Facebook will announce they hold #Bitcoin on their books when they release their quarterly results after trading closes tomorrow.”
That raised speculations the social network giant and one of the top tech companies in the U.S. had already purchased the first-ever digital currency.
Facebook is scheduled to have its quarterly earnings report released, and while the rumors coming from Milne were without an official source, it definitely heated things up on crypto on Twitter.
Impact that rivals and maybe bigger than that of Tesla’s
If it turns out Facebook has Bitcoin (BTC) exposure, there is a high likelihood this will have a bigger impact compared to that of Tesla’s when it invested $1.5 billion on the cryptocurrency back in February.
Facebook has a higher market capitalization that currently stands at $826 billion. Tesla is hanging by close with its $676 billion market cap. This would mean that Facebook gets to have a large reservoir of investor’s cash to buy Bitcoin. It’s no surprise, as it enjoyed notable profitability in the past four quarters.
Also, if any of this is true, then it is only logical to assume that Bitcoin will also surge to a new all-time high, just like what happened after the Tesla investment.
Perfect timing for Facebook to join
Bitcoin (BTC) right now is struggling to get back above the $60,000 price, and intermittent sell-offs at a growing season for altcoins kept its prices at bay.
The entry of Facebook, if it does happen, is expected to break the stalemate for the cryptocurrency both in the short and long term.
This is because, as what have been seen before, major institutional backings have a way of affecting the valuation of the asset.
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