MCS | Do Muggles hold Bitcoin? J.K. Rowling's Tweet that went viral.
I don’t understand bitcoin. Please explain it to me.
— J.K. Rowling (@jk_rowling) May 15, 2020
On May 15, 2020, J.K.Rolling, author of the Harry Potter series, posted a tweet on her Twitter asking what Bitcoin is. Asking about Bitcoin is not a great deal, but if such an influential person like J.K.Rolling is asking this question, the story seems to be a little different. Since this tweet was posted, more than 5,000 Twitter users have poured out their own definition of what Bitcoin is and why it is worth it (or not).
The responses came from many influencers starting from a journalist at Coindesk to the famous Elon Musk - CEO of Tesla and SpaceX. We've gathered opinions that we thought may give you a better understanding or just a small laugh. We have added our own interpretation of the tweets, just to contribute to giving you that small laugh.
1. Bitcoin Official Twitter (@Bitcoin)
Wizards still need to trust Gringotts Bank.
— Bitcoin (@Bitcoin) May 15, 2020
Bitcoin fixes this.
Bitcoin is a decentralized ledger through blockchain, and it seems to mean that there is no centralized and deteriorated controlling institution such as governments or banks.
2. Leigh Cuen from Coindesk (@La__Cuen)
The most bullish signal I've seen all week is a mainstream novelist (who I won't name but she's soooo good & not a scifi type) pinged me (unsolicited!) to ask about bitcoin. I now consider this week a success. 😁 pic.twitter.com/UlHzXAtkUt
— Leigh Cuen (@La__Cuen) May 15, 2020
Coindesk reporter Leigh Cuen seems to interpret J.K.Rolling's interest in Bitcoin as a bullish signal. Or maybe Leigh's heart is already in the bull market with the influence of her favorite author. Perhaps people who are unfamiliar with Bitcoin may take interest in it but will J.K.Rolling's tweet and interest directly lead to price increase?
3. Vitalik Buterin (@VitalikButerin)
It's a digital currency. There's ~18m units of it. It's not backed by anything, it's just valuable because it is, like collectibles.
— vitalik.eth (@VitalikButerin) May 15, 2020
There's a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.
Vitalik Buterin is the founder of Ethereum, the second-largest cryptocurrency by market capitalization after Bitcoin. Rather than highlighting the shortcomings of their competitor, he is conveying only objective facts about Bitcoin. To us, it seems like he is demonstrating respect to Bitcoin, the creator of blockchain and cryptocurrency.
4. Elon Musk (@elonmusk)
Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet 👻 money look solid by comparison
— Elon Musk (@elonmusk) May 15, 2020
Elon Musk called Bitcoin ghost money, but he also criticized the central bank's quantitative easing policy. In a way, Bitcoin was a project that emerged to stand against the quantitative easing policies during the global financial crisis that occurred due to sub-prime mortgage crisis. At present, aggressive quantitative easing in developed countries led by the United States facing the COVID19 is continuing, but Elon Musk seems to have pointed this out.
Bitcoin is the first cryptocurrency project that began this evolution of blockchain and cryptocurrencies and has the highest market capitalization to date. However, there are still many people who do not know or do not take great interest in Bitcoin like J.K.Rolling, so we can see there is still a long way to go.
In order to trade bitcoin that has the power to make social media heat up in an instant in a bit of a smarter way, we need to leverage cryptocurrency derivatives exchanges like MCS(MyCoinStory.com) to manage volatility. I will end the article here with the hopes that more and more traders can earn greater profits in the future.
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