Tezos co-founder Kathleen Brightman has expressed concern about Bitcoin's status as a safe store of value amid the recent downturn in the cryptocurrency market.
In an #interview with CNBC's "Squawk Box" on May 5, Brightman pointed to bitcoin's recent drop below 50,000 as a reason for broader market concerns. He cited fears of a global recession and a significant sell-off in Japanese stocks as key factors contributing to the market's decline.
Brightman also attributed the downturn to ongoing geopolitical tensions and the Federal Reserve's recent change in interest rates. In addition, she pointed to rumors of a major liquidation as a result of an urgent transaction, which will put additional pressure on the price of #BTC .
Brightman commented on the situation, criticizing Bitcoin's role as a means of savings and calling it
"fake money on the Internet
" in light of its speculative nature. She compared the current market reaction to the early failure of COVID-19, when economic uncertainty led to a rapid sell-off of speculative assets.
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