A cryptocurrency investor and industry analyst who uses the Twitter handle @APompliano has written a post in which he asserts that people grossly underestimate the amount of harm that has been done this week to the institutional interest in Bitcoin and the larger cryptocurrency ecosystem.
The investor said: “Bitcoin will not only survive, but it will thrive in the coming years in my opinion.”
He went on to say that participants in the cryptocurrency sector shouldn’t disregard the reality that last week was a setback for anyone, regardless of what part of the industry they are involved in.
This week has been a very unexpected and depressing one for the cryptocurrency sector so far due to the fact that the world’s second-largest cryptocurrency exchange, FTX.COM, has been declared bankrupt. The whole cryptocurrency market has been impacted as a result of this, with the value of the top 10 cryptocurrencies falling into the red and the industry as a whole being valued just $870 billion.
Analyst APompliano has the impression that the cryptocurrency business is beginning to lose trust, and the market is, as it usually does, returning to Bitcoin. Bitcoin has maintained its value despite all of the hoopla and has done so for over 15 years without receiving any cash infusion from outside sources.
It has fully severed ties with the cryptocurrency sector. The most widely utilized kind of virtual money is used by around 200 million individuals all over the globe. Bitcoin is protected and maintained by the most powerful computer network in the world, which is one of the single most impressive technical achievements in the annals of human history.
As of the time this article was written, one Bitcoin is now worth $17,331, representing a gain of 5.2% over the course of the previous twenty-four hours.
