Drake Educates His Instagram Followers on Bitcoin
Music superstar Drake, with over 146 million followers on Instagram, recently shared a video on the platform featuring MicroStrategy co-founder Michael Saylor discussing Bitcoin. The clip was taken from an interview that Saylor did with CNBCโs Andrew Ross Sorkin.
Drakeโs caption for the video read, โMichael Saylor on Bitcoin.โ This is not the first time Drake has shown his support for Bitcoin; in 2022, he posted an image of a diamond-encrusted Ledger hardware wallet on his Instagram account. Additionally, Drake won $381,000 in Bitcoin after betting on the Los Angeles Rams to beat the Cincinnati Bengals in Super Bowl LVI that same year.
While other celebrities have endorsed various cryptocurrency companies, Drake seems to be focused primarily on Bitcoin, the leading digital asset by market capitalization.
Bitcoin as a Currency
In the video shared by Drake, Michael Saylor discusses the role of Bitcoin as a currency. According to Saylor, Bitcoin doesnโt necessarily have to be used for everyday transactions like buying a cup of coffee. He explains that people are not trying to use fractions of their valuable assets to make small purchases.
Saylor has been a long-time advocate for Bitcoin and has led MicroStrategy in accumulating a significant treasury of 205,000 Bitcoin, which is currently worth around $14.6 billion. In an interview with CNBC, Saylor emphasized that their intention is to hold onto Bitcoin for 100 years.
Saylor also mentioned the recent price crash from $66,000 to $16,000 and stated that it shook out those who were not committed to holding Bitcoin for the long term.
Bitcoin Price Surge
On Monday, Bitcoin surpassed Silver in terms of market capitalization after reaching an all-time high of $71,000. The price of Bitcoin continued to climb on Tuesday, hitting another record high of $72,953. This increase came after a week of volatility, during which the price of Bitcoin experienced significant fluctuations.
One factor contributing to the recent surge in Bitcoinโs price is the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission. Companies such as BlackRock, Franklin Templeton, Bitwise, and VanEck have also been acquiring large amounts of Bitcoin.
Hot Take: Drakeโs Influence on Bitcoin
Drakeโs endorsement and support for Bitcoin on his Instagram platform can have a significant impact on the cryptocurrency space. With millions of followers, Drake has the ability to introduce Bitcoin to a wide audience and potentially encourage more people to explore and invest in the digital asset.
This kind of celebrity influence can help legitimize cryptocurrencies like Bitcoin and further drive adoption. As more high-profile individuals publicly express their support for cryptocurrencies, it becomes increasingly clear that digital assets are gaining mainstream recognition and acceptance.
With the continued growth and interest in cryptocurrencies, it will be interesting to see how influential figures like Drake continue to shape the narrative around these digital assets.
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