Bitcoin Dips Below $25,000 As Former Paypal President Hails It As Universal Internet Currency
11 Setembro 2023 - 4:00PM
NEWSBTC
In an interview with CNBC on Monday, David Marcus, former President
of Paypal and Head of Facebook Payments, expressed his belief that
Bitcoin (BTC) is the universal protocol for money on the
internet. He emphasized Bitcoin’s significance as the
flagship cryptocurrency and its core value as a payment solution
while discussing its potential as a global payment network. Bitcoin
As The Universal Protocol For Internet Money Despite enduring a
challenging period and navigating various headwinds in recent
months, Bitcoin remains at the forefront of the cryptocurrency
market. According to Marcus, Bitcoin’s prominence is not solely due
to its market position but is also driven by its ability to serve
as a universal protocol for internet money. Related Reading: Lost
In Transaction: Bitcoin User Overpaid By $500,000 For A $200 Deal
Marcus highlighted the absence of a universal protocol for value
transfer on the internet, stating, “There’s no universal protocol
for money on the internet that enables value to be
transported.” He explained that the vision is to transform
Bitcoin into a global payment network, providing a seamless and
efficient means of transferring value across borders. One of the
advantages Marcus cited for Bitcoin is its availability and
accessibility. Unlike traditional financial systems, where
individuals may face fees and the need to visit a branch during
limited hours, Bitcoin operates 24/7. This inherent
characteristic of Bitcoin allows for greater convenience and
flexibility, enabling users to transact at any time, including
weekends. While acknowledging Bitcoin’s potential as a payment
network, Marcus noted that its primary function may not be as a
currency for everyday purchases. He stated, “Our view is that BTC
is not the currency people will use to buy things.” However,
he emphasized Bitcoin’s role as the universal protocol for money on
the Internet, enabling secure and efficient value transfer across
various digital platforms. As Bitcoin continues to gain attention
and recognition, Marcus’s endorsement further solidifies its
position as the flagship cryptocurrency and reinforces its
potential as the universal protocol for internet money. BTC
Trading Volume Hits Lowest Level Since 2019 According to
Satoshi Club data, Bitcoin is experiencing a significant slump in
its daily trading volume, reaching its lowest point since February
2019 at just $5.4 billion. This decline has been attributed
to a lack of market enthusiasm following the collapse of FTX.
Furthermore, Bitcoin’s price dipped to $24,900 on Monday, the
lowest level since June, exacerbating concerns about a potential
extended decline shortly. The dwindling daily trading volume of
Bitcoin indicates a prevailing apathy among traders, with reduced
participation and a lack of significant buy or sell activity. This
trend is reminiscent of the market sentiment observed after the
collapse of FTX, which has had a lingering impact on investor
confidence. Of particular concern is that Bitcoin’s price dropped
to $24,900 on Monday, reflecting a downward trend that has
persisted since BTC reached its annual high of $31,800 on July
14. This decline has intensified worries among market
participants about the possibility of a prolonged downward
trajectory for Bitcoin in the coming weeks. Related Reading:
Dogecoin Future In Question: What’s Next After Today’s Price Drop?
The cryptocurrency has successfully reclaimed the $25,000 level;
however, it continues to decline by over 1.5% within just a few
hours of Monday’s trading session. Featured image from iStock,
chart from TradingView.com
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