Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak?

The crypto market is in turmoil – a major change from the exuberance that kickstarted the year. One of the most important figures responsible for the euphoria in Q1, was none other than the self-proclaimed Dogefather, Elon Musk. His sudden love affair with Bitcoin and other crypto assets send valuations flying, and once he changed his tune, so did the trend.

Now, the Tesla and Space X frontman is also made it on the front cover of Time Magazine as the elusive person of the year. But it could it be an omen that the end of the crypto bull cycle is near – or potentially already here.

Time Magazine Picks Elon Musk As Person Of The Year

Bitcoin and cryptocurrencies have been compared to all kinds of bubbles, ranging from tulip mania to the dot com boom.

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While it can be argued that like tech stocks from two decades because crypto assets make a comeback, they aren’t actually in a bubble at all, a more dramatic ‘pop’ could be on the way, according to the unfortunate timing of the Elon Musk Time Magazine cover.

Related Reading | Bitcoin “Speculative Chart” Suggests Crypto To Soon Blast off

Time Magazine selected Musk as the 2021 person of the year, which in the past has gone to names like Kamala Harris, Mark Zuckerberg, Barack Obama, and Jeff Bezos.

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In fact, it’s the Amazon CEO that coincidentally could be a sign that the crypto cycle peak is near.


The Jeff Bezos cover was the dot com bubble peak, what about Elon?  | Source: TOTAL on

Dot Com Bubble: A Prelude To The Crypto Cycle Peak

Back in December of 1999, Amazon founder Jeff Bezos was chosen as the Time Magazine person of the year. Three months later in March of the 2000, the dot com bubble popped.

Comparing the famous internet-focused stock market bubble with the total crypto market cap provides a similar trajectory, that may or may not have run out of steam. Even if like the dot com bubble the current level in December were to hold, a peak just three months away in March 2021 would lead to the worst correction that Bitcoin and the rest of the cryptocurrency market has ever seen.

Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

But that’s only if the peak isn’t already in. Currently, Bitcoin is flirting with continuation to the downside at about $46,000 per coin. The chart above also demonstrates roughly how much more ground could be covered if the level does indeed hold.

Bull markets tend to end in euphoria, and with the market in full blown fear, the sentiment doesn’t quite match. The so-called “magazine cover” indicator has a delayed effect, because the content goes into production months ahead of the publishing date. Could this mean that the peak in April while Musk was making headlines, truly was the euphoric peak? Or has the market not quite seen anything yet in terms of what euphoria could look like?

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Time Magazine will hold ETH as part of Galaxy Digital partnership to support metaverse newsletter

Time Magazine, the media company that has been an American institution for almost a century, is partnering with Mike Novogratz’s Galaxy Digital in an effort for its readers to explore the metaverse.

In a Thursday announcement, Time said the partnership with the investment management firm was aimed at educating its readers about the metaverse. The long-running magazine will be releasing a weekly newsletter on the metaverse, hosting educational resources on its website, and including the virtual space as a category in its annual list of the 100 most influential people in the world.

Novogratz said the partnership was part of a move to “bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.” Galaxy Digital is already seemingly focusing on expanding into the metaverse, having raised $325 million in an October fundraising round aimed at virtual endeavors.

In addition, Time said the partnership with Galaxy Digital was conducted using Ether (ETH), which the media firm plans to hold on its balance sheet — the magazine has been holding Bitcoin (BTC) since April as part of a partnership with Grayscale. Time also previously announced it would be allowing readers to pay for digital subscriptions using cryptocurrency, and has also been delving into nonfungible tokens with the auction of three tokenized magazine covers.

Related: Crypto kids fight Facebook for the soul of the Metaverse

Since Facebook announced in October it would be rebranding to Meta and focusing on expanding into the metaverse, the space has drawn significant attention from media outlets. Crypto firms and other companies including KuCoin have already purchased virtual space in the decentralized metaverse Bloktopia.

“Our first objective is to create a shared lexicon and understanding of the idea and the opportunities that are emerging as we become an increasingly digital species and continue (and accelerate) our ongoing journey from the physical to the virtual world,” said Galaxy Interactive managing partner Sam Englebard.