Bitcoin has had a bittersweet journey this year. After getting off to a strong start to the year following its impressive all-time high in November 2021, Bitcoin’s price has been fluctuating ever since. BTC is now heading into a steep valley as the largest cryptocurrency in the market is now down more than 50% after this week’s crash.
Bitcoin’s price dropped below $30,000 yesterday, trading in the latter part of yesterday at $29,900 and hitting its lowest point since July 2021. The cryptocurrency bounced back slightly to $32,650 in search of recovery, but then plummeted again and is currently recovering. traded at $30,269.
Traders are now in a frenzy as many believe Bitcoin’s woes could get worse if the price doesn’t cross a key resistance level in the coming days. Bitcoin’s latest price drop has been linked to a massive sell-off, due to several factors, including fears stemming from the actions of the US Treasury Department and the Federal Reserve.
Many prominent figures in the crypto scenes are expressing their views on which route Bitcoin’s price is taking. While others see this recent unexpected drop in price as a tentative sign that the digital asset could wake up roughly, most are relying on the currency’s resilience and its ability to survive the current bearish storm.
American businessman Robert Kiyosaki is part of the latter because he believes Bitcoin is here to win. The millionaire author of the famous book, “Rich Dad Poor Dad,” took to Twitter to express his contempt for the US government while supporting Bitcoin to bounce back.
“Why will Bitcoin win? A: BITCOIN will win because America is led by the 3 STOOGES. Stooge #1 President Biden. Stooge #2 Finance Minister Yellen. Stooge #3 Fed Chairman Powell. I don’t trust BITCOIN the 3 Stooges,” he tweeted.
On March 9, President Joe Biden signed an executive order directing the government to investigate the risks and benefits of cryptocurrency. The injunction has been a long-awaited brief that has shaken the crypto industry, not least because of mounting regulatory concerns around the world over the expanding crypto space.
However, many market players believe Biden’s recent move will do little more than put pressure on the price of Bitcoin and other altcoins, as Janet Yellen, the US Treasury Secretary appointed by Biden, spoke about cryptocurrencies in April. and regulations, called for a tougher stance on cryptos.
“Consumers need to be protected from fraud, whether assets are stored on a balance sheet or a distributed ledger. Money laundering and other illegal activities should be considered illegal, whether you use checks, wire transfers or cryptocurrencies,” she said.
Federal Reserve Chair Jerome Powell has taken a lukewarm stance on cryptocurrencies, which many experts, including Kiyosaki, believe is an act. Powell argued for the regulation of stablecoins in July and revealed the Fed’s plans for a potential central bank digital currency (CBDC) while testifying before the US House Committee on Financial Services.
Powell recently revealed, however, that the Federal Reserve has raised a rare half-percentage-point interest rate as it rushes to shrink its $9 trillion asset portfolio, the largest increase in 22 years.
However, Kiyosaki’s tweet describes the US government’s actions and believes President Biden put both Yellen and Powell at risk. Kiyosaki, who argues that Bitcoin will win, suggests that he sees a future in which Bitcoin rises above geopolitical uncertainties and thrives. If there is one crypto asset that deserves the backing of someone like Kiyosaki, it is Bitcoin that has proven time and time again that it can withstand adversity and break through any barrier.