Mark Zuckerberg, the co-founder of an $875 billion market cap corporation with $62 billion in cash on the balance sheet, is rumored to have a large Bitcoin stake.
Late last month, a rumor surfaced that social media giant Facebook was keeping Bitcoin on their balance sheet, which was quickly debunked by the company’s earnings call, during which the company posted $26.17 billion in sales for the quarter, a 48 percent raise over the previous year, but no mention of BTC.
Given that Facebook has been attempting to enter the cryptocurrency space through its stablecoin project, Diem was supposed to launch Libra in 2019. Not to mention that other firms, such as Tesla and Square, have done the same.
However, this did not occur, and as a result of Facebook’s failure to purchase Bitcoin, the price of crypto assets fell slightly that day.
But Facebook, or at least its maker, seems to have managed to redeem itself now, with co-founder and CEO Mark Zuckerburg’s new Facebook post simply reading “My Goats: Max and Bitcoin” and featuring an image of the two goats.
This re-ignited the crypto market, with many speculating that it could not be for no cause.
“Honest question- if you’re worth $116bn, how much BTC do you have to own before you name your goat Bitcoin,”tweeted Travis Kling of Ikigai Fund.
Many others, including Arjun Balaji of crypto fund Paradigm, speculated along the same lines, noting,
“Refuse to believe that Zuck’s post doesn’t contain some strategic, coded message.”
SkyBridge Capital founder – Anthony Scaramucci also chimed:
“I knew Mark Zuckerberg would become a Bitcoiner 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.”
The new rumor is that Zuckerburg has amassed a $10 billion stake in Bitcoin, which, if real, might spark another wave of inflows into the cryptocurrency and drive its prices up into the six-figure range.