Former Twitter CEO says he does not watch the current Bitcoin price fall, here’s why
Billionaire and prominent Bitcoin evangelist Jack Dorsey, who co-founded Twitter and served as its chief executive until Nov. 29 last year, took to Twitter to explain why he thinks the price of Bitcoin will rise to again in the future after the recent fall.
Jack knows what will push BTC up again
Jack responded to a tweet from Tom Philpott – the author of the “Military Update” column in US media and author of a few non-fiction books. Philpott rebuked Dorsey that rather than watching and commenting “Bitcoin burning” at the moment, Jack has been tweeting about rapper Kendrick Lamar, his new album and the upcoming tour to support it.
Dorsey replied that he is not watching the Bitcoin price collapse at the moment. It is certain that BTC will always increase in the long term. The reason for his confidence is the growing adoption of BTC as “more people are able to use it.”
Bitcoin price declines heavily
Bitcoin and the whole cryptocurrency market have been in a massive decline this month. First, on May 4, the Fed Reserve announced the largest rate hike in 22 years, raising the rate by half a basis point.
After a small impulse, this pushed Bitcoin from the $39,000 level to the $31,000 area.
The second blow came from where nobody expected it to come – Terra’s coins UST and LUNA crashed.
The UST algorithmic stablecoin has lost its USD peg and is trading at $0.2264 (down 32% in the last 24 hours). Native token LUNA is changing hands below zero – at $0.0004774, down 1,185% since yesterday morning. The Terra Blockchain has been shut down.