Dennis Porter, founder of the Satoshi Action Fund, said he knows the reason for the current Bitcoin surge. However, a famous billionaire sees it as a “sucker rally”, calling it a buy cryptocurrency.
Here’s the factor that pushed Bitcoin above $21,000
Bitcoin price has seen some correction after the last two days of rally. After touching $ 21,300 hours before the article, it is trading around $ 21,500 again. It is difficult to determine the source of the rally, as the news feed is quite intense. One of these; There may be purchases before the September 13 Fed meeting. But there are experts who say that the rally is directly related to US officials. For example, Dennis Porter, founder of the Satoshi Action Fund, tweeted that this rise is due to the latest report from the White House. Before continuing, we, as Kriptokoin.com, have covered the details of the report in this article.
According to Dennis Porter, the report is positive for cryptocurrencies using mining.
Porter says the report contains “highly positive comments” about Bitcoin’s potential to have a positive impact on the environment and renewable energy sources.
BREAKING: Bitcoin surging after the White House puts out extremely positive comments on #Bitcoin’s potential to positively impact the grid, environment, and renewables.
— Dennis Porter (@Dennis_Porter_) September 9, 2022
In the comment thread, followers pointed out that Porter wasn’t quite right about what the report actually said. The report states that unless Bitcoin mining becomes greener, it should be banned. He also recommends moving from Proof-of-Work for Bitcoin to the Proof-of-Stake consensus protocol.
Earlier, Charles Hoskinson, the founder of Cardano, also addressed this report. He recommended that BTC adopt Cardano’s protocol to be more green.
It’s a sucker rally, buy this cryptocurrency
Bitcoin rallied after the ECB announced a massive 75 basis point rate hike earlier this week. Earlier this year, the Bitcoin price crashed when the Fed did the same. Hard-hitting Bitcoin critic Peter Schiff tweeted that he believes this is a “sucker rally” and is another chance to sell BTC.
I don't think @SBF_FTX taking a 30% stake in @Scaramucci's #SkyBridge is bullish for #Bitcoin. Bankman-Fried's interest in #crypto isn't new, so his investment will have no meaningful impact. Bitcoin's sucker's rally back above $21K on the news is another opportunity to sell.
— Peter Schiff (@PeterSchiff) September 9, 2022
He also claimed that FTX’s recent investment and 30 percent acquisition by Anthony Scaramucci in SkyBridge Capital will not have a significant impact on the price as Sam Bankman-Fried’s interest in crypto investment is not new.
MicroStrategy rushes to buy rather than sell
Meanwhile, contrary to what Peter Schiff says, there are players in a hurry to buy. MicroStrategy is in a rush to buy more Bitcoins, as the company’s approximately 129,699 BTC reserves are currently totaling over $1 billion in total depreciation.
MicroStrategy, one of the market’s largest Bitcoin whales, has signed an agreement to sell a total of $500,000,000 worth of Class A common stock with its two brokers (Cowen and Company and BTIG), Cowen and Company and BTIG, according to its SEC filing. Meanwhile, the BTC price was up 11% to around $21,500.
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