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Bitcoin (BTC) Price Performance Spark Critic-Proponent War of Words

source-logo  coingape.com 05 December 2023 04:20, UTC

The recent price rally of Bitcoin (BTC) is becoming a very controversial topic amongst crypto top players. Bitcoin retested its yearly high today after briefly surpassing the $42,000 price mark and at the time of writing, it is comfortably sitting above the $41,500 threshold.

Bitcoin (BTC) Resurgence Faces Criticism

John Reed Stark, the former Chief of the SEC Office of Internet Enforcement started out by explaining the reason behind Bitcoin’s price jump. He compared to surge to an attempt to describe the clothing worn by poltergeists. He went on to list a couple of structures that crypto lacks including inherent value, cash flow, yield, management, balance sheet, and a host of others.

Stark shared his thoughts on why the prices of crypto assets increase. Firstly, he noted the lack of a robust regulatory framework to prevent market manipulation as a reason for price fluctuations. For the second reason, “people are able to sell hyped, FOMO’d and overpriced crypto to a ‘greater fool,’ whether or not the crypto is overvalued. That is, of course, until there are no greater fools left, and then it all comes crashing down.”

Ultimately, the ex-SEC official was downplaying investments in Bitcoin and other crypto assets.

John E. Deaton disagreed with Stark’s stance on crypto investments. The pro-XRP lawyer listed some crypto enthusiasts including ARK Invest’s Cathie Wood, Michael Saylor, Stanley Drunkenmiller, Paul Tudor Jones, and Tim Draper who he believes are on the same side of the fence as him.

BTC Investors Now in Profit

MicroStrategy increased its Bitcoin portfolio a few weeks ago by acquiring a total of 16,130 BTC for $593.3 million at an average price of $36,785 per coin.

The acquisition has helped the business intelligence and software firm maintain its position as the largest holder of Bitcoin. Deaton praised Saylor, the CEO of the company, on the wise move, a commendation given despite the criticisms of his Saylor and MicroStrategy’s bets by market critics.

“Whether you hate him or love him, agree or disagree with his Bitcoin strategy, Saylor must be feeling pretty damn good right now,” Deaton wrote, providing more context on his eulogy for Saylor as the company is sitting in profits right now.

Just like Saylor, amidst the current price jump, many of the mentioned Bitcoin proponents and investors who defied the odds, are reeling in profits with the leading coin’s current price. The rally emboldened Nayib Bukele, El Salvador’s president, to slam many of the anti-Bitcoin entities who previously mocked his country’s BTC bet.