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The world of Bitcoin and Cryptocurrency moves at a whirlwind pace but the Twitter / Square CEO Jack Dorsey remains committed to BTC.
In an interview with Reuters on Sept. 10, Dorsey, who also founded the mobile-payment platform Square, said he believes Bitcoin’s potential still outshines later developments:
“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”
Dorsey connected BTC’s founding principles with the cooperative and decentralized ethos that he considers to be the driving spirit behind the web:
“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”
Dorsey lauded the fact that “anyone with a great idea” who wants to be part of Bitcoin can join the community — they “don’t have to be part of a company,” he said.
Dorsey appeared committed to both Bitcoin and the internet in an idealized form — free from the specters of oligopoly, the excesses of corporate and government surveillance, and the stubborn asymmetries of power and capital that the advocates of decentralization must necessarily wrestle with.
Consistent with this belief in the possibility for grassroots control over the cryptocurrency’s — and the internet’s — future direction, Dorsey told reporters that it’s important to focus on improving users’ experience of Bitcoin in order to foster its widespread adoption.
In other trending Bitcoin News today:
Bitcoin Price Prediction: BTC Crucial Liftoff to $12,200 – Discovering On-Chain Metrics
The flagship cryptocurrency is currently stuck in consolidation.
The sluggish price movement comes after recovery from the recent dips under $10,000.
On the upside, BTC is limited under $10,400.
Meanwhile, the Bollinger Band highlights that ongoing consolidation is nearing an end.
As the Bollinger Bands squeeze, volatility continues to build.
Therefore, BTC could be heading into a period of high volatility and drastic price movement, but in which direction would be the breakout?
According to Timothy Peterson, CAIA manager at Cane Island Alternative Advisors, every time Bitcoin’s “30-day return hits this lower threshold (we are very close now), it is usually followed by 30-day gains of 20 – 40%.”
In other trending Crypto News today:
CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin
According to popular Bitcoin bull Anthony Pompliano, he just convinced “Jim Cramer to buy Bitcoin.”
The details of the interview are not out yet, but Pompliano remarked in his replies that the financial analyst and investor “understands the benefit of Bitcoin better than most.”
“Just convinced Jim Cramer to buy Bitcoin. Reply to this tweet with your best meme or gif to welcome the world’s newest Bitcoiner”
Cramer’s comments come a year after he was openly hesitant to buy Bitcoin. Responding to a follower that asked if he thinks it’s logical to have 60% of his wealth in stocks and 40% in BTC, Cramer wrote:
“Mad Money into bitcoin? Hmmm.. not top of mind. but then again, it is YOUR mad money so you must do what you think is right.”
These comments, though, also come after he stated that Bitcoin could reach $1 million in 2017.
He purportedly said on Squawk on the Street,” another CNBC show, that the cryptocurrency had room to rally exponentially to the upside because of its decentralized nature.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Just convinced @jimcramer to buy Bitcoin.
Reply to this tweet with your best meme or gif to welcome the world’s newest Bitcoiner 🔥
— Pomp 🌪 (@APompliano) September 10, 2020
CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin
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Navigating the Storm: Bitcoin Faces Prospect of Consolidation until 2022 Amid Mass Wipeout
In a sudden turn of events, the cryptocurrency market is grappling with a mass wipeout that has sent Bitcoin’s price tumbling to $41,000, leaving investors and enthusiasts on edge. The latest speculation suggests that Bitcoin could undergo a period of consolidation, extending into 2022, as the market attempts to find stability after the recent wipeout.
The article at the center of this discussion sheds light on the challenges faced by Bitcoin as it experiences a significant price correction. The term “consolidation” suggests a period of relative stability, wherein the cryptocurrency may trade within a certain range as market forces seek equilibrium.
The mass wipeout has caught the attention of the crypto community, prompting questions about the factors that led to this abrupt downturn. External factors such as regulatory developments, macroeconomic trends, and market sentiment often play a role in shaping Bitcoin’s price movements, contributing to moments of volatility.
For investors, the prospect of Bitcoin consolidating until 2022 introduces a period of uncertainty. Such phases can test the resilience of the market and the resolve of those engaged in the crypto space. The key question becomes: What factors will determine Bitcoin’s trajectory during this consolidation period, and what should investors keep in mind as they navigate these stormy waters?
While market analysts may provide insights into potential catalysts and outcomes, it’s essential for investors to approach predictions with caution. The cryptocurrency landscape is dynamic, and unforeseen events can impact the trajectory of digital assets. Staying informed, diversifying portfolios, and exercising risk management are critical strategies for weathering market turbulence.
As Bitcoin faces the possibility of consolidation until 2022, it’s important to recognize that such periods are not uncommon in the volatile world of cryptocurrencies. Past market cycles have demonstrated the resilience of digital assets, with periods of consolidation often preceding renewed momentum.
Whether this period of consolidation serves as a necessary recalibration for Bitcoin or marks a more prolonged phase of uncertainty remains to be seen. As the crypto community watches and waits, the coming months will likely provide more clarity on the trajectory of Bitcoin and the broader cryptocurrency market.
In the grand narrative of Bitcoin’s journey, periods of volatility and consolidation are but chapters in the ever-evolving story of digital currencies. As the year unfolds, market participants will continue to adapt, learn, and position themselves strategically in response to the shifting dynamics of the cryptocurrency landscape.
