Tezos co-founder Kathleen Breitman has voiced concerns about Bitcoin’s status as a reliable store of value amid the recent cryptocurrency market downturn.
In an August 5 interview with CNBC’s ‘Squawk Box,’ Breitman highlighted Bitcoin’s recent dip below $50,000, attributing it to broader market anxieties. She identified fears of a global recession and a significant sell-off in Japanese equities as key factors intensifying the market’s decline.
Breitman also linked the downturn to ongoing geopolitical tensions and recent Federal Reserve interest rate adjustments. Additionally, she noted rumors of substantial liquidations by Jump Trading, which have added further pressure on Bitcoin’s price.
Commenting on the situation, Breitman criticized Bitcoin’s role as a store of value, describing it as “internet pretend money” in light of its speculative nature. She compared the current market reaction to early COVID-19 disruptions, where economic uncertainty led to the rapid sale of perceived speculative assets.
While acknowledging Bitcoin’s volatility, Breitman believes it remains a fundamental asset within the cryptocurrency space. She maintains that Bitcoin’s value and utility extend beyond the conventional store-of-value narrative, despite the ongoing market fluctuations.
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