Bitcoin Rallies 82% Following CZ’s ‘gm’ Tweets

Bitcoin's price movement is often attributed to various factors, including its disruptive potential. It is suggested that it is not merely a reflection of the global liquidity cycle or correlated with the performance of megacap tech stocks.

A notable observation is that Bitcoin's price tends to increase following tweets from Binance co-founder Changpeng Zhao, specifically when he tweets "gm." Following his release from a four-month prison stint in September, Zhao has tweeted "gm" three times, each time coinciding with a rise in Bitcoin's price.

Since Zhao's first tweet post-release, Bitcoin's price has increased by 82%, rising from approximately $54,600 to around $99,456.

Here’s (almost) every “gm” tweet from CZ mapped to the price of bitcoin

Zhao has tweeted "gm" 11 times since March 2022, with Bitcoin experiencing significant price increases after all but two of those instances, resulting in an 80% success rate. For example, investing $1,000 in Bitcoin alongside these tweets would have resulted in 0.317 BTC worth nearly $31,480 today, marking a 186% profit.

However, it is important to note that correlation does not imply causation, as many variables can influence Bitcoin's price. A similar anecdote exists regarding the S&P 500 and rapper Lil Yachty's music releases, illustrating the randomness of such correlations.

As of now, it has been two weeks since Zhao's last tweet, suggesting that another may be forthcoming.