Canadian rapper Drake shared MicroStrategy CEO Michael Saylor’s recent bullish comments on Bitcoin with his 146 million Instagram followers on March 12.
Drake’s post featured Saylor predicting that Bitcoin will eventually surpass gold as the premier store of value.
Bitcoin is a Superior Store of Value
During the last bull run in 2021, celebrity support and promotion drew new retail investors into cryptocurrencies.
One example saw comedian Larry David starred in an FTX Super Bowl ad where he encouraged viewers to embrace crypto. But he later regretted the wide support following FTX’s collapse in 2022.
. @Drake with over 147mn followers is posting @saylor reels on Instagram!
RETAIL IS COMING!
pic.twitter.com/DaPd2cFMzL
— Simply Bitcoin (@SimplyBitcoinTV) March 12, 2024
Drake’s subtle post of Saylor’s comment about Bitcoin suggests that high-profile celebrity involvement may once again amplify interest as the crypto bull cycle approaches.
In a Monday interview with CNBC, Saylor emphatically argued that Bitcoin’s merits exceed that of gold as a store of value.
The MicroStrategy chief executive highlighted Bitcoin’s digital, mobile, and protectable nature compared to precious metals.
“The world needs a perfect store of value; Bitcoin is the perfect store of value,” Saylor stated.
While Drake’s post does not directly endorse investing, his decision to spotlight Saylor’s Bitcoin comments to his large Instagram audience signaled a positive narrative for the crypto space.
On March 11, Bitcoin hit a new all-time high of over $70,000, putting the cryptocurrency on the path to becoming the world’s most valuable asset.
Meanwhile, MicroStrategy has doubled down on its $700 million bet. The company recently acquired an additional 12,000 BTC for around $821.7 million at an average price of $68,477 per coin.
MicroStrategy has acquired an additional 12,000 BTC for ~$821.7M using proceeds from convertible notes & excess cash for ~$68,477 per #bitcoin. As of 3/10/24, $MSTR hodls 205,000 $BTC acquired for ~$6.91B at average price of $33,706 per bitcoin. https://t.co/YayyKtpz8d
— Michael Saylor (@saylor) March 11, 2024
As of March 12, 2024, MicroStrategy’s Bitcoin holdings have increased to an impressive 205,000 BTC worth over $6.91 billion at an aggregate cost of $33,706 per BTC.
Retail Investor Interest May Follow Drake’s Clip
Historically, increased celebrity endorsements of crypto have preceded bull market cycles. Their involvement in the crypto space has been ongoing, drawing attention from regulators.
Celebrities such as Lindsay Lohan, Floyd Mayweather, Jake Paul, and Matt Damon have all promoted cryptocurrency projects, leading to them facing regulatory scrutiny.
This involvement has led to scandals, however, with the SEC charging eight celebrities for promoting cryptocurrencies like Tronix (TRX) and BitTorrent (BTT) without disclosing payments.
A high-profile case involved Kim Kardashian, who paid over $1.2 million to the SEC for unlawfully promoting a crypto security offered by EthereumMax without disclosing the payment she received for the promotion on social media.
Despite the risks, important figures like Elon Musk and Paris Hilton have publicly disclosed their ownership of Bitcoin.
In any case, Drake’s amplification of Saylor’s bullish Bitcoin stance may serve as an early buy signal for traditional and crypto investors.
The rapper’s endorsement may be a signal that retail investors are truly back in the crypto markets.
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