Co-founder plus former twitter CEO and famous crypto enthusiast, Jack Dorsey has finally broken his silence regarding the historic plunge in cryptocurrency prices. Dorsey took to Twitter to express his trust in Bitcoin, saying he believes it will regain its strength in the long term.
Dorsey Reveals What Will Push Bitcoin Up Again
Tom Philpott, the author of the “Military Update” column in US media and the author of a few non-fiction books, tweeted at Jack. Philpott chastised Dorsey for tweeting about rapper Kendrick Lamar, his new album, and the upcoming tour in support of it instead of watching and commenting on “Bitcoin burning.”
Dorsey responded that he is not concerned about the Bitcoin price’s current decline. He is certain that BTC will continue to rise in the long run. His confidence stems from the increasing adoption of BTC as “more people are able to use it.”
Bitcoin Price Decline
This month, Bitcoin and the entire cryptocurrency market have been in steep decline. First, on May 4, the Federal Reserve raised interest rates by half a percentage point, the largest increase in 22 years.
After a brief surge, Bitcoin fell from $39,000 to around $31,000.
The second blow came from an unexpected source: Terra’s UST and LUNA coins crashed.
The UST algorithmic stablecoin has lost its peg to the US dollar and is currently trading at $0.2264. (down by 32 percent in the past 24 hours). LUNA, the native token, is currently trading at $0.0004774, down 1,185 percent from yesterday. The Terra blockchain has been put on hold.