Tezos Co-Founder Criticises Bitcoin’s Store of Value Amid Market Turmoil

On 5 August 2024, Tezos co-founder Kathleen Breitman discussed why Bitcoin’s price recently fell below $50,000. She said the drop is due to market worries, including fears of a global recession and a big sell-off in Japanese stocks.

Breitman also mentioned that geopolitical tensions and recent interest rate changes by the Federal Reserve (Fed Res) have contributed to the decline. Additionally, she pointed out that rumours of large sell-offs by Jump Trading have added more pressure on Bitcoin trading price.

Breitman slammed Bitcoin as a store of value, calling it “internet pretend money” because of its speculative nature. She also compared the current crypto market reaction to the early COVID-19 period when economic uncertainty caused rapid selling of cryptocurrencies.

Despite Bitcoin’s volatility, Breitman believes it is still an important asset in the crypto sector. She argues that Bitcoin’s value and usefulness go beyond just being a store of value, even with the market’s ups and downs.

Due to this negative statement against Bitcoin by the Tezos co-founder, many crypto advocates reacted and criticized her for her harsh words, despite her being a part of the crypto space.

Popular Bitcoin advocate Max Keiser said that El Salvador has made huge progress and development with Bitcoin adoption, while on the other hand, Tezos is associated with scammers.

A crypto enthusiast said that the Tezos co-founder fully depends on the entire crypto space’s operations but is still passing comments against Bitcoin, which is the origin of the whole crypto sector.

Read also: Bitcoin (BTC) Surges Above $56K, Solana (Sol) Leads Recovery From Biggest Drop On Monday