Bitcoin has recently hit another rally after moving sideways at about $4,300 for a week or so, but the recent spike has been hard to explain - so perhaps it was wrestler John Cena?
The WWE super star posted a cryptic picture of a bunch of physical novelty Bitcoin coin to his seven mln followers, and two hours later Bitcoin spiked to a new all time high, one that has since been overtaken again, and again.
You can’t see me
Cena’s Instagram is a collection of emotive pictures without captions or explanation, leaving it up to his seven mln strong fans to decide, His bio reads: “Welcome to my Instagram. These images will be posted without explanation, for your interpretation. Enjoy.”
Thus, when Cena posted the image (below), many were taken aback as Bitcoin once again pops up unexpectedly in the mainstream devoid of the usual tech and monetary fields.
Other sporting personalities have shown their interest in cryptocurrencies, and even ICOs, as boxer Floyd Mayweather and footballer Luis Suarez also posted Instagram images about Stox, a prediction market ICO. Although, those have been seen as publicity stunts.
A Cena spike
Cena’s post came at 7:39 a.m. Eastern time on Thursday and two hours following that Bitcoin reached a new all time high.
Of course, this is all highly speculative, and coincidental and there is not a big enough caveat we can throw out here to say that correlation doesn’t equal causation.
Bitcoin’s movement and volatility is such that any number of factors can cause it to spike and drop.
Another push into the mainstream
One takeaway from this is Bitcoin, which was estimated to be used by around 10 mln people worldwide at the start of this year, could have been introduced to many who have only a passing interest in the digital currency.
Cena’s target market is not typified by innovative investors or necessarily tech fanatics either, however, by reaching seven mln people, Cena could have made a small dent in an easily manipulated market