Home
News
- Morgan Creek Digital Co-founder Jason A. Williams’s recent statement on Bitcoin Raise some eyebrows.
- Jason expressed his contentions on the statement that ‘Bitcoin is not backed by anything’ in a recent tweet.
- He added that the BTC price levels might retrace to $6800.
Jason expressed his contentions on the statement that ‘Bitcoin is not backed by anything’ in a recent tweet. The co-founder briefed his views on the matter through the social media platform. He added that the BTC price levels might retrace to $6800. After reminding the audiences that since 2016 Bitcoin has surged seventy-eight times.
Fundamentals of BTC
In his contrary opinion, Jason emphasized the importance of two elements that backed the cryptocurrency, viz. Operating expenditure (Opex) and Capital Expenditure (Capex). According to him is the actual proof for all the contradictions against the popular statement. Jason underlined that such proofs backing statement “Nothing backs Bitcoin” was not intellectual. Because the statements made without giving any thought to the same. To be precise, the tweet went on like this :
Bitcoin hash rate has gone up 78x since the last #halving.
Think about that for a second 🧠 ⏲️.
Hashing isn't free. PoW isn't free. Bitcoin is backed by Opex and Capex.
Stop with the comment, "#Bitcoin isn't backed by anything."
It isn't intelligent or well thought out.
— Jason A. Williams (@GoingParabolic) May 8, 2020
An opportunity for investors
Meanwhile, on a completely different note, the co-founder tweeted that there is a possibility shortly for an event where the cryptocurrency may roll back and return to $6,800. He also added that such an event would provide potential opportunities for investors who can enjoy such a circumstance. The tweet goes like this:
If #Bitcoin actually drops to $6800, would you be ready to take advantage of that?
Pro tip: Stay ready so you don't have to get ready.
— Jason A. Williams (@GoingParabolic) May 8, 2020
At present, Bitcoin is trading at $9,600 zone for a while already after touching the $10,000 level. The BTC community expects the cryptocurrency to break the crucial resistance of $10,000 any time soon and surge higher.
Bitcoin price momentum can’t be predicted at this Time because Bitcoin halving is just around the corner.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
