THE ROLE OF ELON MUSK IN THE REANIMATION OF BITCOIN

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(Edited)

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Last year Elon Musk made a statement that he was tempted to leave his business to devote his time into being an influencer.i think he could be right in some ways deu to fact that he has gained the status of being a renounced influencer on many social media platform especially on twitter.Elon Musk is no new man to the world when you want to check out people that are very influencial in the media world.he has earn a reputation for himself both as am business man and as an influencer especially in the crypto world.in the early part of last year we saw how he was able to use the power of his influence to act as a pump.to the crypto meme which is the Dodgecoin to be precise.the pump was actually done through his twit.now Bitcoin have been falling for quite sometimes now due to issues surround it since last year especially some set of people that wants Bitcoin and other cryptos to be regulated.

WHAT WAS THE PRICE OF BITCOIN AS AT THE END OF 2021

At first there was a lot of speculations that Bitcoin could hit $100,000before the end of 2021,it got to an all time high of $69,000before falling,it looks like Bitcoin is the recovery stage.last night Asia trade shows Bitcoin returned to $49000.coindesk trading hour in 2021 shows that sellers most of the time are always at the forefront but this time around its not.so it is good to say that the bearish run that Bitcoin has been experiencing for quite some months now could be as result of the Chinese government crack down against Bitcoin in the country which I can say that it might have almost come to an end.

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THE AVAILABILITY OF BTC PURCHASE HAS REDUCED
Obviously the supply of Bitcoin to buyer's has reduced due to the fact that alot of Bitcoin has been mined and there is more demand for it,so as the demand for BTC is going higher,the supply is reducing.this seems to be a kind of movement that is underway which concerns the illiquid offering of BTC,so bulk of the illiquid BTC is held by entities that has no intention of selling them.this is one major reason why the supply of Bitcoin is dwindling.hopefully there could be rise again in the price of BTC as time goes on.

Now coming back to Elon Musk who has been know to be a big influencer in the crypto world,I believe his role as an influencer won't cause any havoc if he decide to come in the rescue of bearish run BTC and other cryptos has been experiencing for sometime now although there are certain issue that need to be look into so as to get the people calm.certain issues like prerequisites for the market bull run is some thing of uncertainty.this uncertain situation is something that has not disappeared due to the fact that nobody can actually predict what will happen in the crypto world.this uncertainty is a risk that you should be putting into consideration knowing or having it in mind that any thing can happen



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