Bitcoin Will Make It Through The Crypto Winter – Tesla CEO Elon Musk
Tesla founder and CEO Elon Musk has said that bitcoin will make it through the “crypto winter” showing he isn’t worried about the recent bitcoin pullback as cryptocurrencies have been decimated all year.
After seeing a rally past the $21,000 mark, bitcoin has pulled back recently, falling below $16,000 at one point. The latest drop was fallout from the FTX calamity, which re-instilled doubt in the cryptocurrency market as a safe means of parking capital.
“FTX, one of the leading cryptocurrency exchanges in the world, came to a drastic and almost instantaneous end,” a Bitcoin Magazine article reported. “The firm, which presented itself as a savior to the ecosystem when it continuously insisted it would acquire other failing companies to protect consumers, failed to protect its own customers after filing for bankruptcy and subsequently getting hacked for over $515 million in consumer assets.”
Safety measures have already been plaguing the cryptocurrency world, casting doubt on the safety of exchanges. This has been a constant talking point for the Securities Exchange Commission (SEC) as a hurdle for allowing more bitcoin-related funds to enter the traditional finance infrastructure.
Furthermore, inflation fears have the crypto market correlating with stocks and bonds for most of the year. Nonetheless, bitcoin still has a vote of confidence from Elon Musk.