No. Goosebumps are tiny elevations of the skin that are caused by a contraction of miniature muscles that are attached to each hair. Each contracting muscle creates a shallow depression on the skin surface, which causes the surrounding area to protrude.
Goosebumps occur on our skin in a reaction to cold, fear, shock and sometime due to sense of nostalgia or something awe-inspiring. The reason for all these responses is the subconscious release of a stress hormone called "adrenaline".
In humans, adrenaline is produced in two small bean-like glands that sit atop the kidneys, not only causes the contraction of skin muscles but also influences many other body reactions.
Adrenaline is often released when we feel cold or afraid, but also if we are under stress and feel strong emotions, such as anger or excitement. Other signs of adrenaline release include tears, sweaty palms, trembling hands, an increase in blood pressure, a racing heart or the feeling of 'butterflies' in the stomach.