- Mark Zuckerberg has excited crypto fans after naming his two new goats, Bitcoin and Max.
- This comes just weeks after Facebook was rumoured to hold Bitcoin in its balance sheet.
In a May 11 Facebook post, Mark Zuckerberg has shared pictures of his two new goats with curious names. Zuckerberg stated “My Goats: Max and Bitcoin.”
This has excited the crypto community with many speculating that he is hinting at becoming a Bitcoin maximalist.
Is Mark Zuckerberg telling us he is a bitcoin maximalist with the names of his goats? ? pic.twitter.com/GKlMdqdeXJ
— Pomp ? (@APompliano) May 10, 2021
It is a surprising twist since Facebook is already working on Diem, previously Libra. This aims to be a universal currency built on blockchain. Since its initial launch in 2020, the project has been under intense pressure from regulators. However, the social media giant earlier this year disclosed that it will conduct pilot tests of the project later this year.
Coincidentally, the teasing comes just weeks after Facebook released its Q1 financial report in which it was widely rumoured to be holding Bitcoin in its balance sheet. This was not the case. It was also unclear where the rumour started. But maybe it wasn’t far from the truth and Zuckerberg is interested in Bitcoin?
In about two weeks, Facebook will hold its annual shareholders’ meeting. Once again it’s being rumoured that the company will reveal its Bitcoin stash in this meeting.
Market observer LilMoonLambo tweeted: “You have two weeks to accumulate as much BTC as you can before Mark Zuckerberg announces that he and Facebook have purchased Bitcoin during their annual shareholders’ meeting… The pump will be glorious.”
Since Tesla reported that it earned roughly $100 million from its Q1 Bitcoin sales while trying to prove that the digital asset has liquidity, analysts and observers have been optimistic that this case proved to companies that Bitcoin was fit to be held on balance sheets.
— Thinking Crypto – YouTube Channel & Podcast (@ThinkingCrypto1) May 11, 2021
Cautiously optimistic on Facebook
The excitement that Zuckerberg could follow in Twitter’s Jack Dorsey’s steps has swept crypto investors, but it’s with caution as it looks unlikely Facebook would buy Bitcoin while developing its own cryptocurrency. As such, there has been little price reaction. In fact, in the last 24 hours, Bitcoin and a majority of coins have been sinking.
At the time of press, Bitcoin is down by 5 percent and is exchanging for $55,000. It has managed to drag with it a majority of large-cap tokens led by Ethereum. The largest altcoin, which was setting new highs above $4,200 at the start of the week, has sunk below $4,000.
Across, the top ten, most coins have lost between 4 percent to 12 percent. The only positive take is that Bitcoin could regain dominance as investors exit altcoins and seek refuge in Bitcoin which is relatively more stable during price drops. At the time of press, Bitcoin’s market dominance stands at 43 percent. Ethereum is second with a little over 18 percent.