Mark Zuckerberg on Facebook Reveals He Owns Bitcoin, But It's Not What You Think

·2-min read

Cryptocurrency may be the future, and while Elon Musk rallies support behind meme-cryptocurrency Dogecoin, Facebook creator, Mark Zuckerberg just shared that he too, owns Bitcoin – but there’s a catch. Facebook CEO Mark Zuckerberg’s on Tuesday posted a photo of his bitcoin investment on Facebook – except the post involved an animal: His pet goat Bitcoin. Yes, Zuckerberg named his pet goat after the cryptocurrency. Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

Zuckberg’s post was simple: My goats: Max and Bitcoin. (We’re unsure which goat is which.)

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Top comments under the post joked about the possibility of Zuckerberg “selling 1 Bitcoin” while others began commenting on the value of Bitcoin at the time of the tech mogul’s post. Other comments included memes featuring one users’ own goats – purportedly named “Max and Ethereum,” another bemoaned the absence of “Dogecoin” among Zuckerberg’s pets.

But it wasn’t all jokes – Zuckerberg’s post may have also raised the price of Bitcoin, much like Musk’s tweets do for other cryptocurrencies.

Bitcoin rose from US$55,500 to US$56,200 in the minutes after Zuckerberg’s 8.35am AEST post, according to Stockhead.

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In 2019, Facebook CEO Mark Zuckerberg had endured hours of prickly questioning from lawmakers as he defended the company’s new globally ambitious project to create a digital currency while also dealing with widening scrutiny from U.S. regulators. The social media giant has sparked public and official anger at every turn, from its alleged anticompetitive behavior to its shift into messaging services that allow encrypted conversations, to its refusal to take down phony political ads or doctored videos.

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