Billionaire and supporter of Bitcoin Jack Dorsey, who co-founded Twitter and was its chief executive until 29th November last year, has taken to Twitter to share reasons he believes that Bitcoin will again rise in the future after the late spike.
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Jack is aware of 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 responded that he is not looking at the present collapsing Bitcoin price. He is definite that BTC will always rise again in the long term. The reason behind his assurance is the growing adoption of BTC as “more people can 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, that pushed Bitcoin from the $39,000 level down to the $31,000 area.
The second hit came from where nobody expected it to show up – Terra’s coin UST and LUNA crashed.
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The UST algorithmic stablecoin lost its USD peg and is trading at $0.2264 (down by 32 percent in the past 24 hours). The native token LUNA is changing hands below zero – at $0.0004774, dropping 1,185 percent since last morning. Terra blockchain has been halted.
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