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Does Shopify CEO Tobi Lutke endorse Bitcoin Trading?

Tobias Lutke has been associated with Bitcoin trading platforms, but are the rumours true? In this, we explore.

Tobias Lutke, the founder of global corporation web payments platform Shopify, has made a name for himself in the tech and entrepreneurial world. Sitting in the Forbes Top Billionaires list of 2020, Lutke is well-known in the world of business and enjoys a comfortable multi-billion dollar net worth. As a result of his fortunes, rumours spread that he has invested in Bitcoin through automated trading platforms.

Does Tobias Lutke endorse Bitcoin trading schemes?

However, the news of his endorsing Bitcoin trading platforms has been publically disputed. In a tweet in 2019, the Shopify CEO confirmed that the link and news of his endorsement of automated trading platforms or “pitching some Bitcoin scheme” is false. It is likely that the rumours were kicked off by affiliate marketers looking to make profits from fans of the entrepreneur. With his multi-billion dollar name and his background in successfully building a major company from the ground, Lutke has a global following and what he might endorse holds credibility. This reputation – and subsequent influence – is what would lead marketers to target his fanbase despite whether the news is true or not.

What is Tobias Lutke’s net worth?

After learning to code by the age of 12, Lutke left school at 16 to enter a digital and computer programming apprenticeship. From there, he gained the skills needed to develop and found the Shopify platform in 2004. According to Forbes, his net worth stands at a current figure of $10.2 billion USD (a number primed for investment, which is part of the reason the affiliate marketers used his name). He owns 6.7% of Shopify, which went public in 2015. Shopify is boasting more than $1 billion USD in annual revenue, making sales for over one million businesses across 175 different countries.

Tobias Lutke and associations with cryptocurrency and Libra

In February 2020, Shopify announced that it would be joining the Libra Association. Libra, a Facebook-backed cryptocurrency project, caused a stir of controversy in the cryptocurrency community as a result of Facebook’s central authority and lack of privacy in the data industry. Since cryptocurrency projects generally rely on the backbone of decentralisation and a “power-to-the-people” approach, Facebook’s Libra has been met with resistance and criticism from members in the community. Despite the controversy, Lutke’s platform joined the ranks of businesses and entrepreneurs making up the Libra Association. When joining, Shopify spokesperson stated:

We spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”

What are automated Bitcoin trading platforms?

Despite his association with the Libra cryptocurrency project, there is no other platform which Lutke has publicly endorsed. Bitcoin trading platforms, which have been associated with the Shopify CEO in past rumours, are trading platforms which make use of data, historic trends and algorithmic information. Using clever technology and intelligent software, the trading platforms take insights from Bitcoin’s movement in the past to trade on behalf of users.

With an initial deposit, users can trade Bitcoin passively without having to watch the markets, keep an eye on the roller-coaster movement of Bitcoin and other cryptocurrencies, and won’t make trades based on mood, feeling, or FOMO. In our investigation into several Bitcoin trading platforms, including Bitcoin Evolution, Bitcoin Lifestyle, and Crypto Trader, we have found that setting up is a simple process and the trades that the systems make result in passive profit without any effort.

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