Jack Dorsey Identifies Reason for Upcoming Bitcoin Price Increase
A renowned Bitcoin advocate and billionaire, Jack Dorsey, recently took to Twitter to explain why he thinks the price of Bitcoin would climb again in the future, after its recent drop. Dorsey co-founded Twitter and served as its CEO until 29 November last year.
Tom Philpott, the creator of the “Military Update” column in US media and the author of a few nonfiction books, tweeted @ Jack, and Jack answered. Dorsey scolded Philpott for tweeting about musician Kendrick Lamar, his new album, and a tour in support of it instead of watching and commenting on “Bitcoin burning.”
When asked about the falling Bitcoin price, Dorsey said he wasn’t paying attention at the time. In the long run, he is certain that BTC will continue to increase. As more individuals are able to utilise BTC, he has greater faith in the currency’s future.
This month has seen a precipitous drop in the value of Bitcoin and the whole cryptocurrency industry. To begin with, the Federal Reserve raised the interest rate by half a basis point on May 4. After a brief surge, Bitcoin fell from the $39,000 barrier to the $31,000 level.
Terra’s UST and LUNA currencies collapsed, delivering a shockwave to the system. Trading at $0.2264, the UST algorithmic stablecoin lost its USD peg (down by 32 percent in the past 24 hours). LUNA, the native token, is now trading at $0.0004774, a decrease of 1,185 percent from only yesterday morning. Terra’s blockchain has been suspended.