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Despite Bitcoin’s slashed valuation in the past few months, the leading cryptocurrency has steadily held the $30,000 level because of its unique decentralized proof-of-work (PoW) mechanism, according to Raj Chowdhury, the CEO of crypto trading platform PayBito.
Chowdhury pointed out that:
“Despite its apparent flaws, Bitcoin’s architecture makes it a modern-day marvel immune to global financial policies. The benefits far outweigh the cons, evident from its increasing acceptance across multiple nations and global organizations.”
Bitcoin has been hovering around the psychological level of $30K for a couple of months in the face of the algorithmic UST stablecoin crash, which saw nearly $60 billion wiped off the crypto market.
Moreover, the crypto meltdown was sparked by the recent interest rate hike by the Federal Reserve (Fed), which triggered a risk-off approach.
Nevertheless, BTC remains steadfast around the $30K zone, given that its price was at $30,428 during intraday trading, according to CoinMarketCap.
Chowdhury believes that Bitcoin’s volatility should be addressed, but the bigger picture of financial inclusion remains intact.
He noted:
“The age of digital assets has already arrived. There are some challenges that need resolution, such as Bitcoin’s volatility and energy-intensive mechanism. But, the scope of process optimization through the elimination of intermediaries, promoting financial inclusion across regions with poor banking infrastructure, enhanced security and transparency will eventually lead to its success as an effective alternative of the USD hegemony.”
Market insight provider On-Chain College recently stated that the accumulation phase in the Bitcoin market might be back as large entities were on a buying spree. Similar sentiments were echoed by CryptoQuant CEO Ki Young Ju.
Image source: Shutterstock
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