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Drake Posts Michael Saylor Bitcoin Video to 146 Million Instagram Followers

Last Updated March 14, 2024 9:53 AM
Teuta Franjkovic
Last Updated March 14, 2024 9:53 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Rapper Drake shared Michael Saylor’s bullish comments on Bitcoin with his massive social media following.
  • Bitcoin reached a new all-time high of over $70,000, fueled by renewed interest and institutional investment.
  • While celebrity endorsements can drive excitement, past incidents highlight the need for caution and potential regulatory scrutiny surrounding such promotions.

On March 12, Canadian rapper Drake shared MicroStrategy CEO Michael Saylor’s optimistic remarks  about Bitcoin to his 146 million Instagram followers.

The post included Saylor’s prediction that Bitcoin will overtake gold as the leading store of value.

Drake’s Crypto Push: Hype or History?

In the 2021 bull market, endorsements and promotions by celebrities played a key role in attracting new people to cryptocurrencies.

A notable instance involved comedian Larry David starring in a Super Bowl advertisement for FTX, where he encouraged viewers to adopt cryptocurrency.

However, following the collapse of FTX in 2022, he later expressed regret over his broad support for the platform.

This week, on Instagram, Drake reshared a clip from the account “bitcoin_memes_daily,” featuring a video  captioned “Michael Saylor on Bitcoin.”

Drake sharing Saylor’s remarks suggests the involvement of celebrities could once again heighten interest in cryptocurrencies.

MSTR Doubles Down on BTC, Drake Fuels Hype as BTC Hits New Highs

During a Monday interview with CNBC, Saylor advocated for Bitcoin, asserting its qualities surpass gold’s as a store of value. Saylor said Bitcoin was digital, easily transferable, and more securely protectable than precious metals.

He commented:

“The world needs a perfect store of value; Bitcoin is the perfect store of value.”

Though Drake’s post didn’t explicitly endorse investing, his choice to share Michael Saylor’s Bitcoin remarks with his vast following suggests a favorable outlook for the cryptocurrency sector.

On March 11, Bitcoin reached a new all-time high, exceeding $70,000, positioning the digital currency on track to become the world’s most valuable asset.

Meanwhile, MicroStrategy has reinforced its Bitcoin investment. The organisation purchased an additional 12,000 BTC for approximately $821.7 million, at an average price of $68,477 per coin.

By March 12, 2024, MicroStrategy’s Bitcoin portfolio had grown to BTC, valued at more than $6.91 billion. The company paid an average of $33,706 per BTC.

Drake and Big Money Back Bitcoin, But Watch Out for Hype

The pattern of increased celebrity endorsements in the crypto world often signals the onset of bull market cycles. This trend has not only captivated a broad audience but has also attracted regulatory attention due to the potential for misleading promotions.

Notably, celebrities like Lindsay Lohan, Floyd Mayweather, Jake Paul, and Matt Damon have faced regulatory scrutiny  after promoting various cryptocurrency projects. Such promotional activities have occasionally led to controversies, exemplified by the United States Securities and Exchange Commission (SEC) taking action against eight celebrities for endorsing cryptocurrencies like Tronix (TRX) and BitTorrent (BTT) without revealing the compensation received.

One notable incident involved Kim Kardashian. The reality TV star settled with the SEC  for over $1.2 million after illegally promoting EthereumMax’s crypto security on social media without disclosing her payment. Despite these incidents, prominent personalities such as Elon Musk and Paris Hilton have openly shared their Bitcoin investments.

Drake’s recent emphasis on Saylor’s view of Bitcoin could potentially act as an indicator for both new investors to consider entering the market. His influence suggests that retail investor enthusiasm for cryptocurrencies might be reigniting, potentially heralding a new phase of market activity.

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