PlanB Addresses The Current Situation In The Crypto Space

PlanB is addressing the current situation in the crypto market these days. Check out the interesting issues that he talks about via his Twitter account.

Check out this relevant tweet that he shared on his social media account:

In hindsight, it’s so easy.
This is either a generational buying opportunity (like end-2011/begin-2012, 2015, and end-2018/begin-2019)
…
Or this time is different and the world ends. pic.twitter.com/tiQ6I8jxOa

— PlanB (@100trillionUSD) July 21, 2022

Here’s what PlanB responded to what someone had to say:

Yes ESG is an obvious attack vector on bitcoin (and not only bitcoin!). Since proof of work (PoW) = bitcoin, this is a battle that must be fought. Proof of stake (PoS) is certainly not the answer, since that does not solve the Byzantine General problem and brings us back to fiat.

— PlanB (@100trillionUSD) July 21, 2022

Here is another post that he shared asking people the following:

Current situation:
1) low end of a normal cycle (rsi, moving average, realized price etc). a great buying opportunity like end-2011/begin-2012, 2015, and end-2018/begin-2019
2) this time is different, cycles are dead, the past says nothing

— PlanB (@100trillionUSD) July 21, 2022

The publication the Daily Hodl notes that the Galaxy Digital founder and CEO Mike Novogratz is still optimistic that Bitcoin (BTC) will hit a price of half a million dollars.

When asked on Bloomberg if BTC can hit $500,000 over the next first years, Novogratz answered, “I do, I do.”

According to Novogratz, there are institutional investors who are now looking at Bitcoin as an “opportunity” amid the downturn in the crypto market.

“While this is a bump in the road in adoption it’s certainly not a U-turn. We continue to see institutions in Europe, the Middle East, and the US who haven’t gotten involved yet looking at this as an opportunity.”

The Galaxy Digital CEO says that due to the risk of high inflation persisting, hard assets such as Bitcoin are set to “win” as stores of wealth.