Elon Musk: Bitcoin Will Survive the Crypto Winter

According to Tesla’s chief of Twitter, bitcoin “will make it”, but the financial winter could last a while due to recent events in cryptocurrency’s ecosystem. This “crypto winter”, as it is often called, is slowly getting worse due to both institutional failures in the ecosystem and changes within global financial conditions. Musk’s response was in reference to a comment about BTC’s $69,000 previous high and asking where bitcoin might be one year from now. The price of bitcoin has fallen dramatically, as has the trust in the wider industry. After the collapse of Terra’s stablecoin, doubts swept the industry. Institutions and the entire world had to accept the possibility that algorithmic stablecoins might fail. Companies with a lot of exposure soon collapsed due to the Terra infrastructure. Voyager Digital and BlockFi, Celsius, Babel Finance, and others were all affected by their exposure. The price of bitcoin and other cryptocurrencies dropped like flies as companies fell. The market was confronted with a new problem as the winter wore on and people began to speculate about when the bottom would be. FTX, one the most prominent cryptocurrency exchanges in the world came to an abrupt and almost immediate end. The firm, which was touted as the savior of the ecosystem by insisting it would acquire other failing businesses to protect consumers, failed its customers and filed for bankruptcy. Musk stated that “BTC will make it better.” Consumers simply could learn to trust in themselves more than in those whose choices and actions can cause harm to not only consumers but the entire ecosystem.Tagsterms:elon muskTwitterFTXBitcoin

 

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