Bitcoin Expert Calls Cryptocurrency The “Best Savings Technology Ever Invented”

Coin Stories Podcast host Natalie Brunell called bitcoin “the best savings technology ever invented” and said she sees cryptocurrency as “a store of value.”

The Bitcoin educator made the comment on “Varney & Co.” Reacting to Musk allegedly calling bitcoin “a cash alternative to cash” in a recent Securities and Exchange Commission (SEC) filing.

Brunell argued Wednesday that “leaders, like Elon Musk,” view Bitcoin “as a rapidly growing technological network that is completely decentralized” and “cannot be manipulated or controlled by any government or entity.”

Teleprinter Security Last Switch Switch %
TSLA TESLA INC. 918.79 +9.54 +1.05%

Bitcoin and other cryptocurrencies are still unregulated within the US financial system.

In the filing, Tesla Inc. reiterated its stance on bitcoin, saying the cryptocurrency has “long-term potential,” Bitcoin Magazine reported on Monday, noting that it also confirmed the electric car maker won’t had sold none of its bitcoin holdings since the previous one. trimester.

Tesla CEO Elon Musk reportedly called the company’s bitcoin investment “a cash alternative to cash” in a recent filing with the SEC. (iStock/iStock)

Tesla became one of the first major companies to hold bitcoin on its balance sheet, much like a company holds cash or other liquid assets. The electric carmaker also briefly accepted bitcoin for car payments before backtracking due to the environmental impact of its mining.

At a conference in July, Musk said Tesla would most likely start accepting bitcoin as payment again once it had done due diligence on how much renewable energy it used to mine the currency, Reuters reported.

CLICK HERE FOR REAL-TIME CRYPTOCURRENCY PRICE DATA FROM FOX BUSINESS

The billionaire, who has been a supporter of cryptocurrencies, said in a Tweet in March that he still owns and will not sell his Bitcoin, Ethereum and Dogecoin holdings.

Brunell said Wednesday that she thinks “everyone,” including Musk, “recognizes the long-term value” of bitcoin.

She acknowledged that bitcoin is “volatile” in the short term, but stressed that it should be seen as “a long-term store of value.”

“This country’s monetary policies are ensuring the dollar’s purchasing power collapses in favor of asset inflation and companies are looking to diversify, especially in these times when the Fed is trying to navigate rising rates. and also trying to prevent a collapse,” Brunell added. .

Bitcoin was holding around $39,000 on Wednesday afternoon ahead of the Federal Reserve’s interest rate decision.

The cryptocurrency fell 2% on Tuesday and has traded lower in four of the past five days.

Teleprinter Security Last Switch Switch %
BITQ TRADE CONCEPTS ON EXCHANGE TRUST BITWISE E CRYPTO INNOVATORS 11.83 -0.23 -1.91%
PIECE OF MONEY COINBASE GLOBAL INC. 121.53 -2.03 -1.65%

Entering Wednesday, bitcoin is down 1% for the week and over 18% year-to-date.

Bitcoin and other cryptocurrencies had a rough week ahead of what is expected to be a half-point interest rate hike by the Federal Reserve. It would be the second of several hikes planned this year as the central bank seeks to tackle soaring inflation, which is at a level not seen in four decades.

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

Last year, tighter monetary policy impacted both stocks and cryptocurrencies.

Federal Reserve Chairman Jerome Powell confirmed last month that central bank officials are likely to raise interest rates in May and beyond.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

Ken Martin of FOX Business and Associated Press contributed to this report.

Leave a Comment