Morgan Creek Digital’s co-founder explained why “Bitcoin is not supported by anything” is wrong and the price of BTC could fall to $ 6 thousand 800.
Jason A. Williams, director and co-founder of Morgan Creek Digital, used statements that would refute the claim that “Bitcoin is not supported by anything.” In his last tweet, Jason A. Williams mentioned the view that Bitcoin is not supported by anything.
Bitcoin hash rate has gone up 78x since the last #halving.
Think about that for a second 🧠 ⏲️.
Hashing isn't free. PoW isn't free. Bitcoin is backed by Opex and Capex.
Stop with the comment, "#Bitcoin isn't backed by anything."
It isn't intelligent or well thought out.
— Jason A. Williams “Parabolic Guy” (@GoingParabolic) May 8, 2020
The famous name wanted to refute the opinion that was popular among crypto critics with this idea. Williams noted that the leading cryptocurrency is backed by two special things: business spending and capital spending (Opex and Capex). Williams states that the claim that Bitcoin is not supported is not wise or well thought out. Williams says:
“Hashing is not free. PoW is not free. It is powered by Bitcoin, Opex and Capex. Leave the comment that Bitcoin is not supported by anything. This is not a clever or well thought-out phrase. ”
Will Bitcoin Fall to $ 6 thousand 800?
In another tweet, Williams claimed that in the near future, Bitcoin could drop significantly and fall back to $ 6,800. Expressing that such a potential period will be a good opportunity for investors to benefit, Williams said:
“If Bitcoin actually drops to $ 6,800, are you ready to take advantage of it? Professional tip: Get ready. ”
At the time of writing, Bitcoin was trading at $ 9,700, according to CoinMarketCap data.