Bitcoin is half price: that’s one way of looking at it. The price of Bitcoin halved over the last few days, falling from $9,000 to $4,500, before bouncing back up to $5,000 today.
This low price appears to be luring in those from outside the niche cryptosphere.
“Should I buy some bitcoin,” tweeted Minnesota-born DJ Kam Bennett, on Friday. Bennett is known for his work with Lil Bibby and has collaborated with Sasha Go Hard and 2 Chainz.
“This is not investment advice but it's looking pretty cheap these days,” Tyler Winklevoss, CEO of crypto exchange Gemini, replied on Twitter.
Bennett wasn’t the only one to notice the fall in prices. American intelligence whistleblower Edward Snowden also said that he was considering buying Bitcoin due to the drop.
“This is the first time in a while I've felt like buying bitcoin. That drop was too much panic and too little reason,” he tweeted, on the same day.
At the same time, some Bitcoin bulls are doubling down. Barry Silbert, CEO of Digital Currency Group, which has multiple investments across the cryptosphere, tweeted, on March 12, “I'm buying. This is why Bitcoin was invented.”
However, with the traditional markets continuing to slide—putting downwards pressure on the price of Bitcoin—and Bitcoin’s miners struggling to survive, Bitcoin faces its biggest test yet.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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