Tezos Co Founder Slams Bitcoin As Global Tensions Continue

In an interview with CNBC on August 5th, Tezos Co-Founder Kathleen Breitman pointed out how Bitcoin recently fell below $50,000, attributing it to broader market worries. She mentioned concerns about a potential global recession and a notable sell-off in Japanese stocks as major factors exacerbating the decline.

Drawing Parallels

Breitman also connected the drop to ongoing geopolitical tensions and recent adjustments in Federal Reserve interest rates. She highlighted rumors of significant liquidations by Jump Trading, which have further pressured the value of Bitcoin.

She further critiqued Bitcoin and its alleged effectiveness as a store of value, labeling it as Internet pretend money due to its speculative nature. She drew parallels between the current market reaction and the early disruptions caused by COVID-19, where economic uncertainty led to a swift sell-off of speculative assets.

Still A Crucial Asset

Despite the volatility of Bitcoin, Breitman still views it as a crucial asset in the cryptocurrency realm. She argues that Bitcoin is important in terms of its value and utility as it goes beyond the traditional store-of-value perspective, even amid ongoing market fluctuations.

Breitman is just one of many people who have been critical of both Bitcoin and the wider crypto industry while also acknowledging its mainstream popularity and influence. Although the market is currently facing a recession, many believe that crypto will be able to bounce back stronger than ever.