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In his recent tweet, economist Henrik Zeberg mentioned the Bitcoin price decline, which occurred on Feb. 18 and constituted roughly 0.17%. Zeberg jokingly referred to it as the “Bitcoin crash,” apparently mocking the mainstream media and some panicky commentators who rushed to give the small decline such a dramatic name.
“I survived the Feb. 18th CRASH in #BTC of 0.17%,” Zeberg quipped.
However, that small decline was brought to the world’s primary cryptocurrency by just one hourly candle and was just part of the bigger price drop, which roughly constituted 2.5% and pushed Bitcoin from $96,200 to the $93,800 zone, making it lose $2,400 within several hours.
By now, Bitcoin has pared this loss and surged by 2.55%, recovering the $96,320 price level.
Yuri MolchanMichael Saylor hints that Bitcoin might fix Musk's gold debate
Earlier this week, the CEO of Tesla and public leader of the U.S. Department of Government Efficiency (D.O.G.E.) Elon Musk raised the issue of the U.S. national gold reserve, which has been held in Fort Knox since 1937.
Musk believes that Fort Knox needs to be audited along with other U.S. governmental organizations and agencies connected with governmental spending. Musk sees the key task of D.O.G.E. as the reduction of government spending of U.S. taxpayers’ dollars. The tech mogul cited U.S. Senator Mike LEE, who admitted that his requests to visit Fort Knox to inspect the country’s gold reserve have been repeatedly rejected despite his high status in the U.S. government.
Musk has doubted that the gold reserve is audited every year and published a tweet with a meme that suggests he believes that the gold may not be there at all, or that it may be a lot less than the most recent audits claim. Michael Saylor, cofounder of Strategy (formerly MicroStrategy) and a vocal Bitcoin evangelist, commented on Musk’s post to say what Bitcoin maximalists routinely say: “Bitcoin fixes this.”
Later that day, Bitcoin opponent Peter Schiff stated that Bitcoin does not fix anything since “when you audit gold you audit something. When you audit Bitcoin you audit nothing.” He responded to a tweet published by pro-Bitcoin senator Cynthia Lummis, who echoed Saylor’s proposal: “A bitcoin reserve could be audited any time 24/7 with a basic computer. It’s time to upgrade our reserves.”
Dan Burgin
Vladislav Sopov