Key Points
- Kathleen Breitman, co-founder of Tezos, believes Bitcoin’s store of value narrative is being destroyed due to the recent crypto crash.
- She also suggests that Bitcoin’s price drop is a reaction to broader market fears, including a potential global recession.
Kathleen Breitman, who co-founded the Tezos blockchain, has expressed her opinion on the recent cryptocurrency market downturn.
She suggested in an interview with CNBC’s ‘Squawk Box’ that Bitcoin’s reputation as a store of value is “being decimated”.
This comment was in response to the recent market reaction, which saw the price of Bitcoin drop below $50,000.
Factors Impacting Bitcoin’s Price
Breitman attributed the plunge in Bitcoin’s price to investors and traders reacting to wider market uncertainties.
These include fears of a possible global recession and a crash in Japan’s stocks, which further worsened the market situation.
Tezos Co-Founder’s Take on Bitcoin
Breitman didn’t hold back her thoughts about Bitcoin, referring to it as “internet pretend money”.
She compared the present situation to the early days of COVID-19, when people were selling off their Bitcoin amid recession fears.
She also mentioned that Bitcoin is undergoing “a bit of a shellacking” as it’s largely seen as a speculative currency.
Despite her views, she acknowledged that Bitcoin is a core asset in the market and will grow as it becomes more mainstream.
Bitcoin’s value has rebounded slightly above $50k, but it’s still down 17% in the past 24 hours and more than 28% over the past week.
Meanwhile, the performance of gold stood out as it largely retained its value while the market took a hit.
