Bitcoin’s recent bumpy ride in the crypto market, with a shocking 4.11% decline, as the price plunged below $25,000, may be putting some market watchers and investors into a cold sweat.
Still, even as fear pervades the cryptosphere, the world’s most successful tech CEOs have failed to maintain their bullish stance on Bitcoin’s future.
You are going to buy Bitcoin Dips
Losing 1,060 points, Bitcoin dropped from $25,850 to a low of $24,800. The sudden collapse resulted in more than $40 million in liquidations for long-term futures exchanges.
As regulatory scrutiny increases, fear reigns among cryptocurrency enthusiasts who worry about the uncertain future.
Despite the storm brewing, tech industry figures like Michael Saylor, Tim Cook, Eric Schmidt, Jack Dorsey and Elon Musk remain steadfast in their belief that Bitcoin is still on the rise.
Michael Saylor, founder of MicroStrategy, continues to sound bullish on Bitcoin. He recently said that Bitcoin’s only way out of its current price level is “up.”
“I think the public is now starting to realize that Bitcoin is the next Bitcoin. The next logical step is Bitcoin to 10x from here, and then 10x again. I’m sure that eventually, crypto exchanges will come around and realize that Bitcoin is the dominant asset in this space,” Salor said.
Although Saylor is known for his “bullish” stance on Bitcoin, he’s not the only tech CEO to remain bullish on Bitcoin.
Tech CEOs understand the intrinsic value of Bitcoin
Apple CEO Tim Cook echoes Saylor’s sentiment. Although he stated that he does not provide investment advice, Cook expressed his belief in the place of Bitcoin in a diversified portfolio. Therefore, revealing the continuous interest in pioneer cryptocurrency.
I think it makes sense to own Bitcoin as part of a diversified portfolio…I’ve been interested for a while. And I’m checking it and, and so on. And so I think it’s interesting,” Cook said.
Meanwhile, Google’s former CEO and chairman, Eric Schmidt, offered a less tech-focused perspective. He hailed Bitcoin’s unique and non-replicable cryptographic nature as an “amazing development.”
So suggesting Bitcoin’s revolutionary ledger technology could be the basis for many businesses.
“Bitcoin architecture, the ability to literally have these irreproducible ledgers, a lot of people are building businesses around that,” Schmidt said.
Jack Dorsey, Square’s CEO, on the other hand, took a global view. He championed Bitcoin as a universally valuable asset.
Dorsey said his global reach and reach has the potential to change the world and pledged to use his influence to realize its potential.
“I think Bitcoin is going to benefit the whole world. I mean, what’s amazing is that everybody in the world is going to be able to use it and get value from using it. And the more accessible we make it, the more we’ll finally have a currency that can be traded to any single point on the planet, which is amazing,” Dorsey said.
Even the outspoken CEO of SpaceX, Elon Musk, has come out in support of Bitcoin despite expressing some environmental concerns about its energy-intensive work ethic. However, the billionaire tech magnate confirmed that he and Tesla have invested in Bitcoin and own it.
“I support Bitcoin… and the only significant thing outside of Tesla and SpaceX is Bitcoin, which both companies own. So aside from that, I also own Bitcoin,” Musk said.
Be greedy when others are afraid
Despite fears that Bitcoin’s current price has caused a downturn, it’s clear from the stances of these tech CEOs that their faith in the digital asset’s potential is unwavering.
For these titans of the tech industry, Bitcoin’s temporary slump doesn’t diminish its long-term potential. They emphasize that Bitcoin’s intrinsic value is not its current value. They are driven by Bitcoin’s technological capabilities and global applicability that make them bullish.
Although the cryptocurrency market is no stranger to volatility, the chorus of voices of support from these prominent industry figures may offer some reassurance to investors.
As these titans keep an eye on Bitcoin’s direction, the question remains, when and how high Bitcoin will rebound. For these tech leaders, Bitcoin’s future, despite its current state, looks more promising than ever.
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