Bitcoin has had a bittersweet journey this year. After starting the year strongly following its impressive all-time high in November 2021, the price of Bitcoin has been swinging ever since. BTC is now headed down a steep valley as the biggest cryptocurrency on the market is now down more than 50% following this week’s crash.
Bitcoin price dropped under $30,000 yesterday, trading at $29,900 in the latter part of yesterday, reaching its lowest since July 2021. The cryptocurrency somewhat bounced back to $32,650 looking to make a recovery but subsequently plummeted again and currently trades at $30,269.
Traders are now caught in a frenzied state as many believe Bitcoin’s woes could get worse if the price does not breach a key resistance level in the coming days. Bitcoin’s latest price fall has been linked to a massive sell-off, due to several factors including fears arising from the actions of the U.S treasury department and Federal Reserve.
Many prominent figures in the crypto scenes are voicing their opinions about which route Bitcoin’s price is headed. While others see this recent unexpected price fall as a cautious sign that the digital asset could be in for a rude awakening, most are trusting the coin’s resilience and its ability to survive the current bearish storm.
American businessman Robert Kiyosaki is part of the latter as he believes Bitcoin is here to win. The millionaire author of the famous book, ‘Rich Dad Poor Dad’, took to Twitter to express his disdain for the U.S. government while backing Bitcoin to bounce back.
“Why will BITCOIN win? A: BITCOIN will win because America is led by the 3 STOOGES. Stooge #1 President Biden. Stooge #2 Secretary of Treasury Yellen. Stooge #3 Fed Chairman Powell. I trust BITCOIN not the 3 Stooges.,” he tweeted.
On March 9, President Joe Biden signed an executive order directing the government to investigate the risks and benefits of cryptocurrency. The order has been a long-awaited instruction that has jittered the crypto industry, not least because of mounting regulatory concerns around the world about the growing crypto space.
However, many market players believe Biden’s recent action will not do much but strain the price of Bitcoin and other altcoins as Janet Yellen, the U.S Treasury Secretary who was appointed by Biden, speaking in April on cryptocurrencies and regulation, called for a tougher stance on cryptos.
“Consumers should be protected from fraud regardless of whether assets are stored on a balance sheet or distributed ledger. Money laundering and other illicit activity should be deemed illegal, and it doesn’t matter whether you’re using checks, wires, or cryptocurrency,” she stated.
Federal Reserve Chairman Jerome Powell has maintained a lukewarm stance on cryptocurrencies which many experts including Kiyosaki, believes is an act. Powell advocated for the regulation of stablecoins in July and revealed the Fed’s plans for a potential central bank digital currency (CBDC) while testifying before the U.S. House Committee on Financial Services.
However, Powell recently revealed that the Federal Reserve raised a rare half percentage point interest rate as it races to shrink its $9 trillion asset portfolio, the biggest hike in 22 years.
Kiyosaki’s tweet is however describing the measures of the US government and believes that President Biden has both Yellen and Powell playing the long game. Kiyosaki, stating that Bitcoin will win, suggests he sees a future where Bitcoin has risen above geopolitical uncertainties and thriving. If there’s any crypto asset that merits the backing of someone like Kiyosaki, then it is Bitcoin that has proven over and over again that it can withstand adversity and break any barrier.