This year has been bittersweet for Bitcoin. After having a start at the beginning of the year after its incredible all-time high in November 2021, Bitcoin’sBitcoin’s price has been volatile ever since. The largest cryptocurrency on the market is currently down more than 50% after this week’s decline, sending BTC into a deep valley.
The Bitcoin price fell below $30,000 Wednesday, trading at $29,900 in late afternoon, marking its lowest level since July 2021. The cryptocurrency partially rebounded to $32,650 in an attempt to recover but has since fallen and is presently trading at $30,269.
Traders are now in a frenzy as many feel Bitcoin’sBitcoin’s woes might worsen in the coming days if the price does not cross a key resistance level. Bitcoin’sBitcoin’s recent price decline has been attributed to ongoing sell-offs resulting from anxieties about the U.S. Treasury and Federal Reserve’sReserve’s actions.
Several crypto figures express their perspectives on the future direction of Bitcoin’sBitcoin’s price. While some saw the recent price decline as a warning that the digital asset may be in for an unpleasant situation, most investors are confident in its durability and capacity to weather the present storm.
However, Robert Kiyosaki, an American businessman, feels Bitcoin is destined for success. The author of the book “Rich Dad Poor Dad” resorted to Twitter to voice his disgust for the U.S. government while predicting Bitcoin’sBitcoin’s recovery.
Q: 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.
— therealkiyosaki (@theRealKiyosaki) May 11, 2022
President Biden issued an executive order on March 9 urging the government to explore the pros and cons of cryptocurrencies. The order was a long-awaited directive that has unnerved the crypto sector, not least due to escalating regulatory worries about the expanding crypto ecosystem.
However, many market participants feel that Biden’sBiden’s latest move will have little effect on the price of Bitcoin and other altcoins, given Janet Yellen, the Treasury Secretary appointed by Biden advocated for a stricter stance on cryptocurrencies in April.
Many experts, including Kiyosaki, feel that Federal Reserve Chairman Jerome Powell’sPowell’s neutral position on cryptocurrency is an act. In testimony before the U.S. House Committee on Financial Services in July, Powell called for the regulation of stablecoins and disclosed the Fed’sFed’s ideas for a prospective central bank digital currency (CBDC).
Powell recently disclosed that the Federal Reserve hiked interest rates by 0.5% points as it raced to reduce its $9 trillion asset portfolio, the most significant increase in 22 years.
However, Kiyosaki’sKiyosaki’s tweet describes the actions of the U.S. government, and he feels that both Yellen and Powell are playing the long game under the direction of President Biden. Kiyosaki’sKiyosaki’s assertion that Bitcoin would prevail implies that he envisions a future in which Bitcoin has triumphed over geopolitical uncertainty and is prospering. If any digital asset deserves the support of Kiyosaki, it is Bitcoin, which has repeatedly shown its ability to resist hardship and overcome every obstacle.