Changpeng Zhao, the esteemed CEO of Binance, recently took to Twitter to laud one of Bitcoin’s fundamental attributes – its innate ability to withstand inflationary forces. This is a unique feature that traditional fiat currencies are unable to replicate.
In a recent tweet, Zhao emphasized that Bitcoin cannot be created out of thin air, highlighting that mining is a fundamental aspect of cryptocurrency. This statement follows the news of the US government’s injection of $300 billion into the economy as a bailout for three central banks, which has been criticized for its inflationary effects. Zhao’s tweet serves as a reminder of the unique properties of Bitcoin and its decentralized nature, which sets it apart from traditional fiat currencies.
As per the latest figures from CoinMarketCap, Bitcoin (BTC) has soared to a remarkable $27,500 in the past 24 hours, marking one of its highest peaks in nine months. This impressive surge follows a dip below $19k during a tumultuous week for the US banking industry, which witnessed a series of bank runs and a looming crisis.
Bitcoin has experienced an impressive seven-day growth, accumulating over 36% and boasting a market share exceeding $529 billion. Other leading cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA), have also seen double-digit positive gains from the previous week. These figures demonstrate the continued strength and resilience of the cryptocurrency market and suggest a promising outlook for investors and enthusiasts alike.
Numerous industry experts have posited a theory that the US government is actively targeting the cryptocurrency sector, citing the recent shuttering of Silvergate Bank, a prominent pro-crypto financial institution.
During a recent interview with Fox Business News, US Congressman Tom Emmer expressed concerns over the government’s alleged use of market instability to suppress cryptocurrency growth. Emmer cited sources indicating that any potential buyer of Silvergate Bank would be required to sign a pledge disallowing the facilitation of crypto transactions. Such actions, according to Emmer, could be a form of weaponization against the crypto industry.
