Bitcoin expert describes cryptocurrency as ‘the best savings technology ever invented’

Coin Stories Podcast host Natalie Brunel called bitcoin “the best savings technology ever invented” and said she considers cryptocurrency a “store of value.”

The Bitcoin Educator commented on “Varney & Co.” , in response to Musk’s description of bitcoin as a “liquid alternative to cash” in a recent filing with the Securities and Exchange Commission (SEC).

Brunel argued on Wednesday that “leaders like Elon Musk” view Bitcoin “as a rapidly growing technology network that is completely decentralized” and “cannot be manipulated or controlled by any government or entity.”

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Bitcoin and other cryptocurrencies remain unregulated in the US financial system.

In the filing, Tesla Inc reiterated its stance on bitcoin stating that the cryptocurrency has “long-term potential,” Bitcoin Magazine reported Monday, noting that it also confirmed that the electric car maker had not sold any of its bitcoin holdings since previously. a fourth.

Tesla CEO Elon Musk reportedly described the company’s investment in bitcoin as a “liquid alternative to cash” in a recent filing by the SEC. (iStock / iStock)

Tesla became one of the first major companies to hold bitcoin on its balance sheet, just as the company holds cash or other liquid assets. The electric car maker also briefly accepted bitcoin for car payments before pulling back due to the environmental impact of mining.

At a conference in July, Musk said that Tesla will likely readmit bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency, Reuters reported.

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The billionaire, who has been a supporter of cryptocurrency, said in a tweet in March that he still owns and will not sell his holdings in Bitcoin, Ethereum and Dogecoin.

Brunel said Wednesday that she believes that “everyone,” including Musk, “recognizes the long-term value” of bitcoin.

She acknowledged that bitcoin is “volatile” in the short term, but stressed that it should be considered a “long-term store of value.”

Brunel added: “The monetary policies of this country ensure the collapse of the purchasing power of the dollar in favor of asset inflation and companies are looking to diversify, especially in these times with the Federal Reserve trying to deal with rate hikes and trying to prevent a collapse.”

Bitcoin was holding around $39,000 on Wednesday afternoon before the Federal Reserve’s decision on interest rates.

The cryptocurrency shed 2% on Tuesday and has been trading down in four of the past five days.

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BITQ BITWISE CRYPTO INNOVATIVES EXCHANGE TRUST BITWISE CRYPTO E 11.83 -0.23 -1.91%
Currency CoINBASE GLOBAL INC. 121.53 -2.03 -1.65%

Entering Wednesday, the price of Bitcoin is down 1% for the week and more than 18% since the beginning of the year.

Bitcoin and other cryptocurrencies had a rough week ahead of what is expected to be a half-point rate hike by the Federal Reserve. It would be the second of several expected increases this year as the central bank seeks to combat soaring inflation, which has reached a level not seen in four decades.

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In the past year, tighter monetary policy has affected both stocks and cryptocurrencies.

Federal Reserve Chairman Jerome Powell confirmed last month that central bank officials are likely to raise interest rates in May and subsequent months.

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Ken Martin and The Associated Press of FOX Business contributed to this report.

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