Is Facebook Holding Bitcoin in Secret?

Rumors making the round says that leading social media site, Facebook, currently holds some amount of Bitcoin. According to a Twitter user and crypto fan, Mira Cristanto, Facebook’s recent purchase of Bitcoin was what contributed to the upward surge in the price of the flagship currency.

The price of Bitcoin fell drastically in the past week, down to the $47K region which later consolidated around $48-49K. However, in the past day, the price of Bitcoin has gained upward momentum and it currently trades around $54K. A lot of Twitter users speculated that Facebook’s recent involvement in Bitcoin is the reason for the price pump in the last few hours.

Speculations From the Twitter Crypto Community

Mira Cristanto posted a chart showing the price movement of Bitcoin in the past few days. On the chart, she indicated some key regions where the price fell drastically and pumped significantly.

Source: Twitter/Mira Christanto

Mira insinuated that the selloff of Tesla’s 10% holdings led to the dip in the price of the world’s most famous asset while the alleged recent purchase of Bitcoin by Facebook drove the price upward from the $49K region to the $54K region.

Another Twitter user called for the CEOs of the world’s top companies to embrace Bitcoin as soon as possible due to its proven ability to overcome inflation. In his tweet, he made mention of Mark Zuckerberg, the CEO of Facebook.

Alistair Milne, a famous Bitcoin investor tweeted that the announcement regarding Facebook’s Bitcoin holdings will be made on April 28, when the company releases its quarterly report.

It is expected that these rumors if confirmed, will drive Bitcoin to attain another new high this year. At the moment, the concept of Facebook involving itself with cryptocurrencies is not a total shocker.

Early last year, the company attempted to launch LIBRA which was to be a stable cryptocurrency that would be used in the digital space. Unfortunately, the concept faced opposition from Central Banks all over the world and has failed to be successful since then.

However, at the moment, Facebook is making plans to launch DIEM. Reports indicate that the association is close to securing payments license from regulators in Switzerland. If successful, the stable currency will be out for testing this year.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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