Billionaire and prominent Bitcoin evangelist Jack Dorsey, who co-founded Twitter and was its chief executive until 29 November last year, has taken to Twitter to share why he believes that Bitcoin price will again rise in the future after the recent plunge.
Jack knows what will push BTC up again
Jack responded to a tweet from Tom Philpott – the author of the “Military Update” column in US media and author of a few non-fiction books. Philpott rebuked Dorsey that rather than watching and commenting “Bitcoin burning” at the moment, Jack has been tweeting about rapper Kendrick Lamar, his new album and the upcoming tour to support it.
Dorsey responded that he is not looking at the collapsing Bitcoin price at the moment. He is definite that BTC will always rise again in the long term. The reason for his confidence is the growing adoption of BTC as “more people are able to use it”.
I don't watch the price. I know it will always gain in value over the long term as more people are able to use it.— jack⚡️ (@jack) May 13, 2022
Bitcoin price declines heavily
Bitcoin and the whole cryptocurrency market have been in a massive decline this month. First, on May 4, the Fed Reserve announced the largest rate hike in 22 years, raising the rate by half a basis point.
After a small impulse, that pushed Bitcoin from the $39,000 level down to the $31,000 area.
The second blow came from where nobody expected it to come – Terra’s coins UST and LUNA crashed.
The UST algorithmic stablecoin lost its USD peg and is trading at $0.2264 (down by 32 percent in the past 24 hours). The native token LUNA is changing hands below zero – at $0.0004774, dropping 1,185 percent since last morning. Terra blockchain has been halted.