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Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
bitcoin crypto google search twitter scam viral

Bitcoin Searches Spike On Google After Twitter Scam Goes Viral

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin
Reading Time: 3 mins read
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As the saying goes, there’s no such thing as bad publicity. That old phrase is once again proving true, as search queries for Bitcoin spike following news of a Twitter scam going viral.

Could the cryptocurrency being at the center of a highly publicized scam actually end up being positive for the asset?

Google Searches Spike For Bitcoin Following Twitter Scam Going Viral

Last night, the Twitter accounts of several celebrities, CEOs, politicians, and more were hacked. The compromised accounts were used to push a scam where hackers stole over $120,000 in Bitcoin.

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Because the first-ever cryptocurrency was central to every tweet from each account, ranging from Kanye West to Joe Biden, the asset was soon trending on Twitter.

Bitcoin was trending on Twitter for very wrong reasons. Twitter was quick to act and locked down the accounts and pulled all infringing tweets.

Related Reading | Twitter Accounts of Elon Musk, Coinbase, Others Push Bitcoin Scam in Apparent Hack

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But the cat was already out of the bag. Everyone was talking about the hack, and major media news coverage spread like wildfire.

Twitter has recently been a hot button topic politically, so the fact presidential contender Joe Biden’s account being hacked was especially notable.

However, there’s an old adage that says there’s no such thing as negative PR, and although Bitcoin got innocently wrapped up in the drama, it may benefit the crypto asset.

bitcoin crypto google search twitter scam viral

After the news began to go viral on social media platforms, search queries for Bitcoin began to surge according to Google Trends. The boost in search volume coincided exactly with the scam going live.

The increase in searches could be due to the fact the word Bitcoin was blasted to over 300 million collective Twitter users through the big-name accounts.

Not every follower would know what the crypto asset is, and may have searched to see what their fav celeb was talking about.

Visibility is the window to adoption, and the more awareness about Bitcoin, the better.

This is a Twitter scam, not a cryptocurrency scam. In the same way that when a Nigerian prince asked me to wire him $100,000, it was an email scam, not a US dollar scam. https://t.co/wR3YP6RUbA

— Jeff Dorman, CFA (@jdorman81) July 15, 2020

Why Point The Blame At Crypto? The Same Doesn’t Go For Crime Involving Cash

And why would such a scam reflect negatively on Bitcoin anyway? As chartered financial analyst and CIO at Arca Jeff Dorman points out, “this is a Twitter scam, not a cryptocurrency scam.”

He compares the viral moment to a Nigerian Prince requesting a bank wire of $100,000. These scams usually tease the release of millions in inheritance in exchange for sending the smaller sum.

In the same way cash wouldn’t be to blame for the scam, Bitcoin and crypto shouldn’t be demonized due to how hackers used the technology.

A comparable argument would be how people kill people, not guns themselves, even if the guns were used to do so.

Related Reading | TikTok Dogecoin Pump Purveyors Experience Their First Crypto Dump

In an ironic twist, the most dominant country searching for Bitcoin during the Google Trends surge was Nigeria.

Nigeria is known for its “Yahoo-boys” or fraudsters who dupe people out of hard-earned money.

Their scams are very similar to the tactics used by the Twitter scammers, where a smaller sum is requested in exchange for a large one in return.

The Twitter scam is just one of many that crypto investors will need to be wary of. In order to fully be prepared and protect your crypto assets, be sure to read our new feature on the most common Bitcoin scams and how to avoid them.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoscamtwitterxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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