CryptoWatch is here to give you the top news regarding cryptocurrency in the past week, and there are massive developments in the blockchain industry, as there are considerable changes in the market now. One would be what President Nayib Bukele from El Salvador said about Bitcoin, as there are massive hopes for its future now.
Additionally, the many happenings, including Bill Gates and NFTs, BTC's current plummet and rise in the market.
El Salvador President is Hopeful about Bitcoin's Rise
El Salvadorian President, Nayib Bukele, is still on the optimistic side of things, despite many criticizing the cryptocurrency industry, particularly in the top coin of all, Bitcoin. President Bukele said that "patience is the key," He talks about Bitcoin use and investments in the blockchain despite these trying times that challenge everything it stands for and its existence.
There are many disputes regarding Bitcoin, with people believing that the coin and the industry are one giant bubble waiting to burst and cease its recovery in the current market. However, backing down is not an option for many users and BTC fans, including the El Salvador President, especially as the country's assets are at stake in the blockchain's progression.
Bitcoin Drops Below $20k, Is It Rising Again?
Right when the weekend started, users were hit with massive news regarding Bitcoin's valuation and market performance, which showed another dip in its track. Bitcoin dropped again, and it previously saw its valuation dip below $20,000, something that most users did not expect as there were some fluxes on its graph that said it would rise.
It is the first time since November 2020's drop, and users were devastated by this, as many still hope to see the cryptocurrency rise and soar during these times. The top cryptocurrency is volatile, and so is the whole market, with no security on holding its valuation despite many users actively trading the coin.
Nevertheless, Bitcoin's performance now is massive, and according to CoinMarketCap, it is on the rise. It recently rose to $20,000 and jumped more than six percent over the last 24 hours.
Bill Gates is Not an NFT Fan
Some believe in cryptocurrency, like the El Salvadorian President, and some doubt it. One of the many non-believers in the blockchain industry is Bill Gates, the former CEO and co-founder of Microsoft. He stated in an interview that the NFT is not something he would venture into despite its prominence.
Gates said that NFTs are based on the "Greater Fool Theory," which talks about buying something that one thinks would gain more and thrive on, as opposed to how much they originally purchased it. People buy NFTs for investment, and when their valuation rises, it will be up to them to sell them again or hold on to them.
The Microsoft co-founder is not buying it and is not convinced of its potential now.
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Written by Isaiah Richard
