Another spectacle taking place while the country watches Super Bowl LVIII is Bitcoin, whose unrelenting rise has attracted the attention of people such as Edward Snowden. Football fans yell and celebrate touchdowns and tackles, but Snowden, who gained notoriety for his leaks, is obsessed with another kind of scoreboard: the Bitcoin price chart.
Bitcoin has demonstrated its strength in just the last week, rising an amazing 13.25% to break through the $48,000 barrier and reach yet another significant milestone in its turbulent journey. It experienced a 2% increase even in the previous day before leveling off at roughly $48,100 as of this writing. A number of factors are involved in this sudden upsurge.
First, there is the unrelenting build-up of BTC by ETF issuers, which offsets the selling pressure previously applied by organizations such as Grayscale. Market sentiment is being supported by reports of large BTC inflows, which indicate that institutional interest in the digital asset is growing.
Second, more people are becoming aware of the story surrounding BTC’s Layer-2 solutions and its potential applications beyond just serving as a store of value. A renewed interest and investment in Bitcoin is being driven by this evolving understanding of its utility.
Thirdly, venture capitalists are flooding the ecosystem with cash to support BTC-based initiatives, which is encouraging innovation and growth. Funds are now flowing into projects that were previously having trouble raising capital, highlighting the increasing belief in Bitcoin’s long-term viability.
Robert Kiyosaki Raises Concerns About Bitcoin
Amidst the Super Bowl festivities, financial expert and author of the best-selling “Rich Dad Poor Dad” series Robert Kiyosaki is raising concerns. Drawing parallels between the downfall of the Roman Empire and the “American Empire,” he issues a dire warning of impending breakdown. Given that the US has an astounding $34 trillion in national debt, Kiyosaki suggests that his fans wager on Bitcoin rather than the NFL, which is an ephemeral event.
In a world where traditional power structures are being challenged, and fundamental economic principles are being questioned, Bitcoin stands out as a representation of financial sovereignty and resilience. Although the Super Bowl may win hearts and make headlines, the rise of Bitcoin represents a paradigm shift that will profoundly affect the future distribution of power and wealth.