Bitcoin Gets Jack Dorsey’s Vote of Confidence in Volatile Week

SourceNewsweek
SectorTechnology
CountryMiddle east

Bitcoin's value drastically declined this week, but Twitter CEO Jack Dorsey has said he still retains "passion" for the cryptocurrency and believes it represents the future of the internet and world finance."The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity," Dorsey tweeted Wednesday evening. "This is what the internet wants to be, and over time, more of it will be."Last Sunday, Bitcoin's value hit a record high of $34,792.47, but it fell 17 percent in value on Monday to roughly $28,878. The drop represented the cryptocurrency's largest single-day decline since March 2020 when it dropped from $9,160.39 to $4,916.78 over a seven-day period.Twitter chief executive officer Jack Dorsey has said he is "passionate" about Bitcoin after the online cryptocurrency experienced a volatile week. Drew Angerer/Getty The currency's more recent plunge in value may have been sparked by crypto-investors selling off their digital currency, experts said. Its volatility compelled the Financial Conduct Authority (FCA), a United Kingdom regulatory agency, to warn investors that "they should be prepared to lose all their money," though other analysts have disagreed with the ...read more...