Elon Musk, the world’s richest man and the CEO of the top technology company Tesla, has confirmed his positive conviction about the future of Bitcoin (BTC), the leading cryptocurrency by market capitalization. However, the Twitter Chief opines that crypto winter may last for an extended time.
It has been a turbulent period for crypto investors following the massive dump in the price of digital assets. In the past weeks, Bitcoin (BTC) and the entire crypto market have been on a downtrend, as a result of several negative outbursts like the fallout of the once-thriving cryptocurrency exchange, FTX.
Similarly, Do Kwon’s Terra project collapsed in May, which led to many other crypto projects falling out of business. In line with these numerous implosions caused by liquidity crunches, Changpeng Zhao, the CEO, and founder of Binance, introduced the ‘industry recovery fund’ initiative to help rebuild fallen projects with reasonable use cases.
Read Also: Bitcoin ATM Locations See Massive Increase in Canada and Globally Amid Market Turbulence
In a wider view, Bitcoin (BTC), the first-ever cryptocurrency to gain adoption, has been on a steady decline in 2022, after hitting an all-time high of around $69,000 per coin in November 2021. At the time of writing, BTC is trading for $16,942, according to Coinmarketcap.
Meanwhile, a reputable crypto trader and technical analyst who predicted the market crypto that occurred in early 2022, believes Bitcoin (BTC) is yet to bottom out. The pseudonymous TA expert CryptoCapo said BTC would fall to the $14,000 zone, adding that Ethereum (ETH) is heading toward $700.
This recent market trend has brought much criticism to the nascent industry. Regardless, Tesla CEO Elon Musk is convinced Bitcoin is here to stay although he opined that the crypto winter would last a bit longer. Notably, the current downtrend pattern in the crypto market is majorly fueled by the FTX exchange implosion.
“Bitcoin (BTC) will make it, but might be a long winter,” Musk said in response to a tweet that teased BTC’s fall from $69K to its current price of $16,942K.
Read Also: Elon Musk’s Tesla Shop Adds New Collectible; Can Only Be Purchased With DogeCoin (DOGE)
It is worth noting that the billionaire is among the staunch proponents of Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). This led to the crypto payment method being incorporated into several of his businesses.
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