As a seasoned analyst with over two decades of experience in the financial industry, I find Kathleen Breitman’s perspective on Bitcoin intriguing, given her background as a co-founder of Tezos, a blockchain platform that aims to provide a decentralized alternative to traditional finance.
Kathleen Breitman, a co-founder of the Tezos blockchain network, has stated that the notion of Bitcoin being a reliable store of value is facing significant challenges during the recent cryptocurrency market downturn.
On August 5th, one of the co-founders of Tezos (XTZ) expressed his perspective in an interview with CNBC’s ‘Squawk Box’. He discussed the cryptocurrency market’s response as Bitcoin (BTC) dropped below $50,000.
As per Breitman’s explanation, Bitcoin’s value dropped significantly due to investors and traders responding to general market anxieties. Factors contributing to this shift in attitude include concerns about a possible global economic recession, with the decline in Japan’s stock market making the situation even more tense on Monday.
Tezos co-founder comments on BTC sell-off
Experts linked the stock market’s drop on August 5 to political conflicts worldwide and the Federal Reserve’s latest interest rate adjustment. In the cryptocurrency market, whispers about significant sell-offs by Jump Trading added to the bearish trend.
Breitman is straightforwardly criticizing Bitcoin, referring to it as “fictitious internet currency.” This refers to her views on Bitcoin’s nature.
As a researcher, I’m observing a trend reminiscent of the early stages of the COVID-19 pandemic. When individuals perceive economic downturn, similar to how they reacted by selling their virtual or digital currencies back then.
Not a ‘store of value’
As a researcher, I’ve noted that Bitcoin seems to be experiencing a period of significant setbacks. Due to its predominantly speculative nature, it continues to be perceived as an investment rather than a widely-adopted currency by many of its holders.
Breitman shared with CNBC’s Andrew Sorkin and Joe Kernen that it’s important to recognize Bitcoin as an experiment. Regarding Bitcoin being a reliable store of value, Breitman has not fully endorsed this perspective, describing it as a popular idea (or meme) that is currently being challenged or undermined.
Regardless of some perspectives, Breitman maintains that Bitcoin serves as a fundamental asset within the market, poised for growth as it gains wider acceptance. She further noted that Bitcoin’s inherent utility doesn’t rely on it being a store-of-value asset to be valuable.
Bitcoin is down double digits
Although digital gold (Bitcoin) has slightly increased its price above $50,000, its value decreased by 17% within the last 24 hours and is currently down more than 28% over the past week. Meanwhile, the crypto market is experiencing a wave of red as 24-hour liquidations surpassed $1 billion.
Significantly, while Bitcoin and stock values dropped, gold maintained its worth more than most during the market’s rough period.
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2024-08-05 17:26