Nicholas posted a screenshot on Twitter in which Silbert joked that he was waiting for Nicholas to sell bitcoins for a million dollars. Nicholas has had an unfavorable attitude towards bitcoin over the years. He said in March that even if bitcoin reaches $100,000, it will still be a failure. He believes that bitcoin has proven that it is not a hedge against inflation. Along with this, he had said that the decline in the crypto market can last for a long period.
In contrast, Bitcoin has been consistently supported by Silbert. They have investments in this largest cryptocurrency in terms of market capitalization. Bitcoin touched a high of around $69,000 in November last year. Since then it has declined significantly. The slowdown and other factors have put pressure on its price. Bitcoin has moved below critical support levels after US Federal Reserve chief Jerome Powell signaled aggressive measures to tackle rising inflation.
Bitcoin price is below $20,000. Earlier it had gone below this level about two years ago. Investors as well as firms associated with this segment have suffered heavy losses due to the fall in the crypto market. Many crypto firms have taken measures such as layoffs to reduce costs. Some of these firms have even reached the verge of bankruptcy. Recently, market expert Jim Cramer also asked investors to stay away from cryptocurrencies, non-fungible tokens (NFTs) and Special Purpose Acquisition Companies (SPAC). He warned that these assets could cause huge losses to the investors. “I think we should also question the fundamentals of crypto,” Cramer said.
Cryptocurrency prices in Indian exchanges
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