Bitcoin BTC/USD reached a new high amid the momentum imparted by the launch of the first U.S. Bitcoin futures-based ETF, ProShares Bitcoin Strategy ETF (ARCA: BITO).
What Happened: Bitcoin-backer and Twitter Inc TWTR co-founder and CEO Jack Dorsey tweeted a cryptic number "705742" Tuesday afternoon amid Bitcoin's surge. The lack of any other details in the tweet set in motion a guessing game among Twitterati. Dorsey complicated matters further with a threaded reply to his own that said: "off by 117."
A Twitter user asked if the number was Bitcoin's price target. Another suggested it is the price of Bitcoin a year from now.
The number Dorsey tweeted may be farfetched if it is meant to be the near-term price target for Bitcoin. A survey of crypto industry experts by Finder.com has put the year-end price target of Bitcoin at $80,000. Fund manager and Ark Invest founder Cathie Wood has had a long-term price target of $500,000 for Bitcoin.
Related Link: Is Bitcoin A Good Investment In 2021
A Twitter user going by the handle @gabeh730 guessed it to be a block number. Blockchain.com later said 705742 was the number of Bitcoin block that was mined shortly after Dorsey's tweet.
Dorsey had tweeted late Friday that Square, Inc. SQ, the fintech company he co-founded and is CEO, is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.
Bitcoin to The Moon? Another tweet by Dorsey Wednesday morning also aroused curiosity among his Twitter followers. He tweeted merely a full moon symbol that was construed as a reference to the Bitcoin rally.
At last check. Wednesday afternoon, Bitcoin was climbing 3.07% to $65,966.46.
Related Link: How Does Bitcoin Work
Image by Free-Photos from Pixabay
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