Posted 2 months ago | by @devadmin
Bitcoin’s price descended further on Tuesday following comments by U.S. Treasury Secretary Janet Yellen, Professor Nouriel Roubini, Bill Gates and Tesla CEO Elon Musk who all gave their opinions on the number one digital asset within a short period of just a week.
Bitcoin plunged 14% in 24 hours, sinking below $50,000 passing hands around $46,443 at 7:30 a.m. ET, according to data from Coingecko.
Yellen on Monday called Bitcoin an “extremely inefficient way of conducting transactions” and warned about its debunked use in illicit activity. Yellen repeated her erroneous comments on Bitcoin failing to reference a 2020 crypto crime report from blockchain intelligence firm Chainalysis, noting that criminal transactions in digital currency transactions have fallen to under 1% at just 0.34% last year. That’s a major drop from 2.1% reported in the previous year’s report.
Yellen also echoed a previous lie repeated in mainstream press about Btcoin’s impact on the environment, failing to express that a lot of that electrical energy is in fact through renewable resources, as Bitboy Crypto reported.
Yellen further cautioned risks for retail investors buying Bitcoin. Musk prior to Yellen’s comments chimed in expressing that Bitcoin and Ethereum were surging too quickly and “seem high.”
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
But Elon and Yellen weren’t the only ones to comment on Bitcoin within a week. Roubini and Gates also took their swings at Bitcoin. Roubini even went as far as saying a hilarious gaft that the “Flintstones had a better monetary system than Bitcoin,” on February 17th. The comments were made during a Bloomberg interview showcasing his lack of knowledge of the digital asset. The former senior economist also expressed that Bitcoin was tulip mania, a widely debunked narrative, adding Bitcoin is a “pump and dump.” Roubini further echoed Yellen’s claims that Bitcoin is used for illicit transactions without providing any evidence.
Today, Gates made a comment that anyone with less money than the world’s richest man Elon Musk should “watch out” when it comes to investing in Bitcoin. “Elon has tons of money and he’s very sophisticated so, you know, I don’t worry that his Bitcoin would randomly go up or down,” Gates said.
Gates also raised the point of Bitcoin’s energy consumption, suggesting that the cryptocurrency didn’t return much in the way of output.
“There are things we invest in in society which produce output. Bitcoin happens to use a lot of energy. It happens to promote anonymous transactions — they’re not reversible transactions,” said Gates.
Bitcoin recently reached passed $1 trillion dollars in market cap as Bitboy Crypto previously reported.
As Ben Armstrong highlighted for Bitboy Crypto on a recent video with Carl From The Moon, yesterday was a historic red candle for Bitcoin. Watch Ben and Carl explain in the video below.
Bitcoin is currently trading at [FIAT:$47,073.96] DOWN -10.7% in the last 24 hours according to Coingecko at the time of this report.