Satoshi

2024

Bitcoin

Notable

<p>Bitcoin remains to this day the most coveted cryptocurrency. However, lately, it seems to be going through a rough patch. Indeed, the price of Bitcoin fell below $40,000 on January 22nd. It lost 5% of its value in a single day. This drop comes right after the SEC’s approval of the first series of Bitcoin spot ETFs.</p> 
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     <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> declines by 19% post-<a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> launch, facing selling pressure from <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> bankruptcy estate and Grayscale outflows.<a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw">#BlackRock</a> and <a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw">#Fidelity</a> Bitcoin funds attract $1.2 billion inflow, but challenges persist with weak conditions.<a href="https://t.co/VVJ4VyXONZ">https://t.co/VVJ4VyXONZ</a></p>— Coinpedia (@CoinpediaNews) <a href="https://twitter.com/CoinpediaNews/status/1749693087117627604?ref_src=twsrc%5Etfw">January 23, 2024</a>
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  Bitcoin price drop following the approval of Bitcoin ETFs
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<h2 id="h-bitcoin-outlook-criticism-and-skepticism-abound">Bitcoin Outlook: Criticism and Skepticism Abound!</h2> 
<p>The <a href="https://www.cointribune.com/en/bitcoin-the-sec-has-finally-approved-spot-etfs/" target="_blank" rel="noreferrer noopener">ETF approval</a> has undoubtedly <strong>shaken up the crypto industry</strong>. Some see it as a sign of the maturing crypto market. Others are firmly convinced it will lead to increased volatility and price manipulation.</p>
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<p>Notable figures and organizations (like Jamie Dimon, CEO of JPMorgan Chase, and Vanguard) have expressed their skepticism about the prospects of Bitcoin. </p> 
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 <p><em>“Bitcoin is not backed by tangible assets. It is too volatile to be a viable investment,”</em> they stated.</p> 
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<h2 id="h-an-ark-invest-expert-clears-up-doubts">An ARK Invest Expert Clears Up Doubts</h2> 
<p>Despite the criticism, ARK Invest successfully defends <strong>Bitcoin’s intrinsic value</strong>. <em>“Bitcoin is supported by the world’s strongest computer network. With a staggering 500 exahashes per second, the network’s computing capacity exceeds even the largest global computer systems,”</em> <a href="https://coingape.com/bitcoin-exhibits-intrinsic-value-unaffected-by-its-fluctuating-price/" target="_blank" rel="noreferrer noopener">explains</a> Yassine Elmandjra</p> 
<p>Decentralization is another key feature of Bitcoin. It means that the network isn’t controlled by a single entity, but by a distributed network of computers worldwide. This confers Bitcoin with <strong>unique resilience and security</strong>.</p> 
<p>It’s hard to control such a vast and complex network. If a government decided to ban Bitcoin, for example, the Bitcoin network would continue to exist. Users could continue to use it.</p> 
<p>Similarly, the fear that Bitcoin could be controlled by its creator, Satoshi Nakamoto, is unfounded. Elmandjra explains that <strong>Bitcoin’s source code is public</strong>. Everyone can see and modify it.</p> 
<p>YES! The <a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noreferrer noopener">price</a> of Bitcoin is likely to remain volatile in the short term. However, Bitcoin’s intrinsic value remains intact. The crypto is underpinned by a strong and decentralized computing network, giving it a unique value.</p>

Bitcoin below 40k$: Leaders divided between optimism and skepticism

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