While the whole world was watching the Super Bowl over the weekend, there were several important happenings in the crypto industry that could affect the price of cryptocurrencies. So let’s talk about what happened this week and how it affected cryptocurrencies in general.
Is Biden Switching to Cryptocurrency?
Amidst the widespread celebration of the Kansas City Chiefs victory over the San Francisco 49ers, the US president caused a stir among the cryptocurrency community with a photo of his alter ego, “Dark Brandon”. On his X, Joe Biden posted a photo of his laser-enhanced eyes with a caption: “Just like we drew it up”.
Source: JoeBiden/X
Even though the Dark Brandon meme is a representation of Biden’s online persona, which is famous among his supporters, the crypto community took it as a reference to Bitcoin.
The laser-eyed meme originated in 2017 when a Twitter user posted an image of himself with modified red laser eyes, announcing his intention to buy Bitcoin. Since then, this symbol has become widely used by cryptocurrency supporters to increase interest in the currency.
There was a lot of noise in the comments to the publication from cryptocurrency users. David Gokhshtein, founder of Gokhshtein Media, asked: “We’re replacing the Dollar with Bitcoin?”
Michaël van de Poppe, a popular crypto trader, commented on the publication as follows: “Finally, he’s announcing the Bitcoin standard. We’re saved!”
At the same time, journalist Eleanor Terrett believes that he is trying to get the votes of cryptocurrency users in this way. And an anonymous WhalePanda user subtly accused Biden of “cultural appropriation” of cryptocurrency.
The image of Biden with a laser eye sparked debate, dividing users’ opinions on whether it was a deliberate appeal to the crypto community or a hint at conspiracy theories about the integrity of the NFL.
Nevertheless, this situation may have had some impact on Bitcoin, as the next day the price of the cryptocurrency crossed the $50,000 mark. A coincidence?
Satoshi visited the Super Bowl
This year’s Super Bowl will certainly be remembered not only by football fans but also by cryptocurrency users. In addition to the US president, Twitter founder Jack Dorsey also decided to draw attention to cryptocurrencies.
During the intense game, Dorsey was seen wearing a T-shirt with the inscription “Satoshi”, which is the pseudonym of the creator of Bitcoin. This moment was captured and shared on the X, drawing significant attention to the world of cryptocurrencies during one of the most popular sporting events of the year.
Source: Scaramucci/X
Despite the special attention paid to Jack Dorsey’s outfit, this year’s Super Bowl was another year without any direct cryptocurrency advertising. After the FTX crash and numerous legal obstacles, exchanges decided to stay away from the advertising frenzy associated with the event.
Musk to Court and DOGE Down
This is the third time that Elon Musk has been ordered to testify as part of the Securities and Exchange Commission’s investigation into his acquisition of Twitter, now called X. The court ruled that the evidence gathered was sufficient for the SEC to investigate. The billionaire and the regulator have a week to agree on a place and time to testify.
In October last year, the Securities and Exchange Commission sued Musk to force him to testify as part of an investigation into the purchase of Twitter.
According to the Commission, in September, Musk refused to testify in this case. However, the businessman claims that he has already testified twice and accuses the SEC of harassment.
This event had a significant impact on Dogecoin. Investors are extremely unhappy that Musk will have to testify again. This news led to a drop in the price of DOGE from $0.083 to $0.079.
The main concern of investors is the potential legal implications of Musk’s statement. If Dogecoin is classified as a security during transactions, it could face strict regulation, which could hurt market performance and investor sentiment.
However, if Dogecoin manages to maintain its position above the 200-day EMA ($0.074) and ward off negative sentiment related to Elon Musk’s legal situation, a rebound is potentially possible.
Source: WhiteBIT DOGE Chart
“The End of American Empire” Is Coming
Robert Kiyosaki, author of “Rich Dad, Poor Dad” warns of the inevitable collapse of the American Empire, drawing parallels to the decline of the Roman Empire.
In his X, the author warns about the US economy: “END OF THE AMERICAN EMPIRE? This week Americans will bet $68 billion on a game. At the same time, America’s debt is the highest in world history, a debt America can never back. The Roman Empire ended in the same way with massive gladiators entertaining chubby Romans while their bankers debased their currency to pay soldiers and bills. HiSTORY REPEATS because STUPIDITY REPEATS. Don’t be stupid. Bet instead on gold, silver, Bitcoin.”
The well-known writer has been supporting Bitcoin for quite some time now and recommends investing in it, as well as in gold and silver. Recently, he explained his reasons for owning cryptocurrency, claiming that “Bitcoin is protection against the theft of our wealth via our money.
Fed Chairman Powell, Treasury Secretary Yellin, and Wall Street bankers steal our wealth via our money, specifically via inflation, taxation, & stock price manipulation.”
He also believes that the cryptocurrency could soon reach $150,000 and advises paying attention to the upcoming Bitcoin halving.
Bitcoin Is No Longer Interesting
Google Trends data shows that search interest in Bitcoin has dropped from 21 to 18 from the beginning of 2023 to this day. Despite the recent price increase and the launch of a spot Bitcoin-ETF, the number of searches continues to decline.
Source: Google Trends
Commenting on this data, investor Fred Krueger noted that interest in Bitcoin peaked on January 11, the day the spot Bitcoin-ETF was launched, but three days later, volumes fell again. He concluded unequivocally that “the ETF has failed”.
In his next post, he wrote: “We notice Bitcoin or the Stock Market when it is up 300%. Then we lose interest and it’s back to a new set of random inputs.”
He also added that most people are only interested in investing when they think they can make a lot of money quickly.
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