Bitcoin, the prominent digital asset, stays at a trading price of around $27,955 with only a marginal 0.25% drop experienced this past Monday. The CEO of OpenAI heaps praise on Bitcoin, labeling it a “super logical” move in the realm of technology, hinting at the cryptocurrency’s increasing significance. As the financial world evolves and the stability of the US dollar-based system comes into question, as pointed out by Russian President Vladimir Putin, the relevance of cryptocurrencies only progresses.
OpenAI’s CEO, Sam Altman, appeared on The Joe Rogan Experience podcast, where he expressed his Bitcoin enthusiasm. He highlights Bitcoin’s potential to combat corruption due to its independence from government control, endorsed by both Rogan and Altman. Even though Rogan had his uncertainties concerning the broader crypto industry, he remains hopeful about Bitcoin’s future due to its limited supply and the decentralization of its mining. However, the pair expressed genuine concern regarding central bank digital currencies (CBDCs) and how the US government is handling cryptocurrency regulation.
The current downshift in Bitcoin’s price could be attributed to market trends or other uncontrollable factors. While immediately, this may not have a clear impact on Bitcoin’s price, the potential for it to positively affect Bitcoin’s market outlook and improve overall sentiment in the long run exists.
On another note, Putin has voiced apprehension concerning the gradual collapse of the dollar-based global financial system. He cites the decreasing share of the US economy in world GDP, indicating a move away from the dollar-based Bretton Woods system. He also throws light on the growing importance of BRICS countries compared to the G7 nations, with discussions around establishing trade and settlement systems in national currencies within the BRICS bloc.
Bitcoin’s current dip doesn’t overshadow the long-term impact these revelations might have. Bitcoin, often perceived as a security against the fiat currency’s devaluation, may witness increased popularity as a reliable store of value.
From a technical standpoint, Bitcoin is standing on the threshold of key price levels, with traders and investors keeping a close watch on the immediate resistance level of $28,350. If surpassed, it could open doors to further levels reaching potentially to $30,785. But if control goes to the bears, support for Bitcoin might kick in around $26,630, $25,260 and even $24,556.
Even though technical indicators, towards the bearish regime, loss of control over Bitcoin isn’t likely until it falls below $27,500. Hence, it seems the current trend for Bitcoin is inclined towards the bullish side, and if momentum doesn’t falter, it could soon test the critical $28,500 threshold.
Despite this, all crypto enthusiasts need to remain vigilant concerning their investments as digital currencies are highly volatile and bear considerable risk. OpenAI’s endorsement might paint a rosy picture, but like any investment, cryptocurrencies require careful research and strategy.
Source: Cryptonews
