Bitcoin Investors Remain Unmoved by the Recent Hack on Twitter

News • 2020/07/16 • by

On Wednesday, 15th July 2020, the twitter accounts of some high profile individuals including Bill Gates, Jeff Bezos, Elon Musk, Warren Buffet, Kanye West, Barack Obama, Joe Biden, etc, were hacked. The hackers posted tweets trying to deceive people to transfer Bitcoins to them. Some people were deceived into sending Bitcoins through the link provided by the hackers before Twitter took down the tweets and temporarily restricted the affected accounts.

Although the hack was related to Bitcoin (BTC) in a way, the event didn't have a negative impact on the value of Bitcoin or on the investor approach. The implied volatility of Bitcoin which calculates the global economic expectations of BTC over specific trends and periods of time remained stable, with the value of BTC sliding by less than 1%. Over the past few months, the value of Bitcoin has been fluctuating largely due to the COVID-19 pandemic and the Bitcoin having that happened in May.

Experts and investors understand that the hack on Twitter is not an attack on Bitcoin. It is important to understand that Bitcoin cannot be hacked, however certain major trends can affect its value. The Wednesday Twitter attack is simply a fraudulent scheme by hackers, and just as a bank robbery cannot affect the value of US Dollars, such Bitcoin scams cannot affect the value of Bitcoin, rather, they can cast a negative shadow over the security system and valuation of Twitter.