Reddit co-founder hoists the Bitcoin flag on Twitter amid price surge

Published at: Jan. 29, 2021

Reddit co-founder Alexis Ohanian has joined Twitter CEO Jack Dorsey and Tesla CEO Elon Musk in updating their Twitter bios to "#Bitcoin."

Ohanian’s bio update seemed to be in response to a tweet by tech entrepreneur and former Coinbase chief technology officer Balaji Srinivasan. As part of the tweet, Srinivasan highlighted the growing appeal of Bitcoin to the likes of Musk and Dorsey, calling  Bitcoin (BTC) “the flag of technology.”

Ok changing the bio.....#Bitcoin https://t.co/LOYYdRAfqY

— Alexis Ohanian Sr. 7️⃣7️⃣6️⃣ (@alexisohanian) January 29, 2021

The Reddit co-founder is a known crypto advocate and has previously revealed that he holds a percentage of his wealth in cryptocurrency. Back in May 2020, Ohanian remarked that crypto was here to stay and praised the level of “top-tier talent building” in the industry.

Ohanian has previously offered optimistic price predictions for both Bitcoin and Ether (ETH) at $20,000 and $1,500, respectively. At the time, the Reddit co-founder revealed that he was most bullish about Ethereum.

As previously reported by Cointelegraph, Reddit, with its over 1.7 billion monthly visitors, recently inked a partnership deal with the Ethereum Foundation. As part of the collaboration, Reddit plans to introduce the requisite scaling technology to support projects like tokenized community points on the Ethereum network.

Musk’s bio update earlier on Friday seemed to spark a flurry of BTC buying action, with Bitcoin briefly surpassing $38,000 for the first time in almost two weeks. The current resurgence in BTC enthusiasm also appears fuelled by the actions of several in the mainstream trading establishment and their treatment of retail participants.

On Thursday, several retail brokers like Robinhood prevented users from buying stocks like GameStop and AMC. These stocks had been experiencing parabolic gains to the benefit of retail holders, with the resultant short squeeze threatening to bankrupt prominent hedge funds.

Meanwhile, Bitcoin’s Friday surge has seen over $850 million in BTC derivatives, mostly shorts, liquidated over the last 24-hour trading period. According to Bybt data, more than 310,000 trader positions went underwater, with the largest single liquidation happening on BitMEX to the tune of about $10 million.

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