If you say that Bitcoin has proved itself and has stood the test of time and pressure of the volatility in the crypto market, then you won’t be wrong. Its price and value plummeted down the ground many times, its shares liquidated and being neglected by investors such as Elon Musk because of not having its blockchain system run on efficient and clean energy but still here it is.
Raoul Pal, a Bitcoin proponent and founder of the Global Macro Investor, has explained the purpose behind the creation of Bitcoin in his tweet. The real agenda at heart was developing a financial element that can tackle USD and pose a challenge to the current financial system.
Bitcoin is Ready for a Global Takeover sooner than later
With the passage of time, any investing body or financial asset climbs the ladders of stability, but that is something not applicable for Bitcoin. Still, as the recent market dip has proposed, Bitcoin and the crypto market remain volatile and extremely speculative. But then again, at the same time, Bitcoin has been turned into a top asset class as it has passed so many stress tests in the past, and this recent market crash confirms the perseverance that Bitcoin as a cryptocurrency can exhibit. With his objective focus on this very thing, Pal believes that the crypto market with Bitcoin being a top asset class is ready for a global takeover.
During this recent storm of price slashing and value deprivation for the crypto market, Bitcoin and other cryptocurrencies lost 40% of their value. It didn’t remain a trillion-dollar asset then and was forced to step down. This instilled a lot of panic and overtly significant stress on the cryptocurrency players, most of the traders chipped in their crypto crash and jumped the crypto ship for good, but there were others that stayed and decided to hold.
Press and media took this market crash rather seriously and spray painted all over it in a speculative tone and using the terms volatility and inconsistency way too much to shake off the people or for their own ratings. But amid all of this, the crypto market remained steady and has managed to pull through, and its next rendezvous is a global takeover, as Pal has suggested, but nothing could be said for sure.