Bitcoin is struggling to maintain its ground
Bitcoin is struggling to maintain its ground
The $7,400 – $7,600 range is proving difficult for the king of crypto to handle. Bitcoin is struggling to maintain its ground in the mid $7,000s, and has again fallen $200 below where it was trading during yesterday’s afternoon hours. This position had previous been held for roughly two days, and it was widely wondered whether bitcoin would be able to strike $8,000 once again.
That doesn’t appear to be the case as bitcoin has ultimately lost support, and is once again struggling to push itself beyond $7,600. One source suggests the currency is likely to find support where it is (between $7,400 and $7,500), and that a respective bull run could push the currency to as high as $7,900. However, if the bears have their way, bitcoin could again fall back to an even $7,000 in the coming weeks.
Strangely, however, bitcoin is now getting support from an unlikely candidate: computer mogul Steve Wozniak. While the Apple co-founder has been vocally positive towards Ethereum in the past, Wozniak has been relatively silent on bitcoin. That all changed when in an interview with CNBC, he expressed his hope that bitcoin would become a single, global currency within the next ten years.
Comparing it to the internet bubble of the mid-1990s, Wozniak says he is confident the price and value of bitcoin could surge again. He also referenced Twitter CEO Jack Dorsey, and his previous statement that bitcoin could do just as Wozniak now claims – become the single currency for all countries in the next ten years.
“I buy into what Jack Dorsey says,” Wozniak explains. “Not that I necessarily believe it’s going to happen, but because I want it to be that way. Bitcoin, because it’s regulated in its quantity, you get down to supply and demand, and there’s more and more people who want it and demand it, and there was a hype going on for a period and it went up to $20,000, then down. I don’t know where it is because I never track it.”
It is interesting to hear Wozniak’s words for several reasons, the main one being that he doesn’t seem to follow the news or trends surrounding bitcoin. It’s clear, by his own statements, that Wozniak isn’t even particularly interested in bitcoin, nor is he really convinced by the power or dominance it holds. He just sees how much it’s brought people in the past, and he’s hoping for that unification once again.
“If the demand increases and it becomes more and more popular for more things, and people start using it, there is no extra supply. It’s limited,” he continued. “In terms of dollars, bitcoin will go up over time, but it won’t happen fast. It may be sloppy at first, and things that change so much in life take a very long time to change. They tend to go slowly. Blockchain in all forms, however, is so popular and being studied by so many people and in demand by so many companies to examine changing their businesses in the future, that it may be long term.”
Bitcoin is struggling to maintain its ground
Reviewed by mir khaleq ali
on
01:31
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Reviewed by mir khaleq ali
on
01:31
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