Facebook CEO Mark Zuckerberg Sparks Bitcoin Speculation As He Reveals The Name Of His Pet Goats
Facebook Inc. (NASDAQ:FB) CEO Mark Zuckerberg’s post about his pet goats has triggered speculation on social media whether his company will follow Tesla Inc.’s (NASDAQ:TSLA) lead and invest in Bitcoin (BTC).
What Happened: Zuckerberg's photo post on Facebook shows two of his pet goats with a caption: “My goats: Max and Bitcoin.”
The post has generated more than 603,000 likes, 116,000 comments and 13,000 shares on the platform at the time of writing this story.
Twitter users speculated over whether the revelation hints at Zuckerberg announcing further involvement with Bitcoin either in a personal capacity or through Facebook, in near future.
Morgan Creek Digital's Anthony Pompliano speculated, perhaps in jest, if Zuckerberg was coming out as a Bitcoin "maximalist — " as Bitcoin proponents who are dismissive of other "alternative" cryptocurrencies are referred to as.
Anthony Scaramucci, the founder of SkyBridge Capital, tweeted that Zuckerberg’s hiring of David Marcus from PayPal Holdings Inc. (NASDAQ:PYPL) to run Facebook’s crypto business had shown that the Facebook CEO would become a Bitcoin buyer.
I knew Mark Zuckerberg would become a #Bitcoin-er 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.
— Anthony Scaramucci (@Scaramucci) May 11, 2021
Why It Matters: However, Bitcoin is yet to see a trading frenzy following Zuckerberg’s comments and is down 6.4% during the past 24 hours. The cryptocurrency is trading at $55,447.46 at press time.
In comparison, Tesla CEO Elon Musk’s comments on Dogecoin (DOGE) have led to wild price movements in the meme cryptocurrency. Musk has come out as a big supporter of Dogecoin, while his EV company Tesla has invested in Bitcoin.
In June 2019, Facebook announced plans to launch its own digital currency called Libra within the next year. However, several companies including PayPal, Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA), bowed out of the Libra Association in October 2019 after the project faced stiff opposition from regulators around the world.
In December, the Libra Association was renamed Diem Association and is expected to launch later this year in a more limited form.
Price Action: Facebook shares closed 4.1% lower in Monday’s trading at $305.97.
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