Bitcoin bust: Elon Musk attacked for “fearmongering” as price forecast to rise past $90,000.
BITCOIN appears to be on its knees after struggling to recoup the velocity witnessed earlier this year, but a cryptocurrency specialist has attacked Elon Musk for his “fearmongering,” claiming that the price might bounce above $90,000 (£64,750).
Bitcoin’s price has dropped by more than 4.3 percent in the previous 24 hours after Mr Musk responded to remarks made by Jesse Powell, the CEO of the Kraken cryptocurrency exchange, that the coin is “a lot greener than people give it credit for.” “Based on what data?” retorted the Tesla CEO. Bitcoin dropped from $39,416 (£28,357) yesterday to $37,754 (£27,161) this morning, capping a turbulent few months for the leading asset, which reached an all-time high of more than $63,000 (£45,320) in April.
However, Nick Spanos, the founder of the world’s first real cryptocurrency exchange in 2013, has criticised Mr Musk and urged investors to be optimistic.
“Even if the bottom isn’t here yet, it will be soon,” he remarked.
“As long as the general rising momentum of non-price fundamentals is maintained, the bust cycle will pass by more rapidly than in the past.
“Once frightened newcomers realize Bitcoin is greater than Elon Musk — or even a specific totalitarian country — the forgotten people and marginalized nations will triumph.
“As a result, a country like El Salvador will soon be punching considerably above its economic weight.”
A “crackdown” on mining in China has been blamed for much of Bitcoin’s recent decline.
As of April 2021, over 65 percent of miners operating on the Bitcoin blockchain were headquartered in China, according to the University of Cambridge’s Centre for Alternative Finance.
El Salvador, on the other hand, became the first government to recognize Bitcoin as legal cash.
It happened as President Nayib Bukele’s request to accept cryptocurrencies in order to promote “financial inclusion,” investment, and economic development was supported by the government.
“At this stage, it’s about education so that fearmongering tweets from one individual don’t fuel common misconceptions,” Mr Spanos, who is also the co-founder of the Zap Protocol coin, added.
“His crypto currency may sink to zero, but Bitcoin will rocket to the Moon. It might even get on Mars before he does.
“According to my analysis, the price could rise.” Brinkwire Summary News”.