Former Twitter CEO Jack Dorsey claims he isn’t watching the latest Bitcoin price drop, and here’s why.
Jack Dorsey, a billionaire and famous Bitcoin enthusiast who co-founded Twitter and served as its CEO until November of last year, has taken to Twitter to explain why he believes the price of Bitcoin will climb again in the future after the recent drop.
Tom Philpott, the creator of the “Military Update” column in US media and the author of a few non-fiction books, tweeted at Jack. Philpott chastised Dorsey for tweeting about rapper Kendrick Lamar, his new album, and the impending tour in support of it instead than watching and commenting on “Bitcoin burning.”
Jack Dorsey stated that he is not concerned about the Bitcoin price’s current decline.
He is certain that BTC will continue to climb in the long run. His confidence stems from the increasing acceptance of BTC since “more people are able to use it.”
This month, Bitcoin and the entire cryptocurrency market have been in steep decline. First, on May 4, the Federal Reserve raised interest rates by half a percentage point, the highest increase in 22 years.
After a brief surge, Bitcoin fell from $39,000 to around $31,000.
The second blow came from an unexpected source: Terra’s UST and LUNA coins plummeted.
The UST algorithmic stablecoin has lost its peg to the US dollar and is currently trading at $0.2264. (down by 32% in the past 24 hours). LUNA, the native token, is currently trading at $0.0004774. The Terra blockchain has been put on hold.
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