Bitcoin Will Make It Through The Crypto Winter – Tesla CEO Elon Musk

Bitcoin Will Make It - Tesla CEO Elon Musk
Bitcoin Will Make It Through The Crypto Winter - Tesla CEO Elon Musk
FILE – Tesla CEO Elon Musk attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, March 22, 2022. Twitter shareholders have filed a lawsuit accusing Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company. The lawsuit filed late Wednesday, May 25, in the U.S. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price. (Patrick Pleul/Pool Photo via AP, File)

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.

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