Coin Stories podcast host Natalie Brunell claims that Bitcoin is the best savings technology ever invented. Brunell bases his comment on the opinion of the CEO of Tesla, who sees cryptocurrency as a fast-growing technology.
During her Coin Stories Podcast , host Natalie Brunell emphasized that ” US monetary policies are ensuring the dollar’s purchasing power collapses to the benefit of asset inflation. “
Bitcoin and other cryptocurrencies have had a tough week ahead of what is expected to be an interest rate hike by the Federal Reserve. Despite dizzying inflation, crypto assets are presented as a life-saving tool for the savings of individuals and companies.
Bitcoin considered a store of value
The Bitcoin educator made the comment on “Varney & Co.”, in reaction to a speech by Elon Musk . Brunell calls Bitcoin “ a liquid alternative to cash ” in a recent Securities and Exchange Commission (SEC) filing .
Brunell said Wednesday that he believes “everyone” including Tesla representative Musk is “recognizing the long-term value” of Bitcoin . He acknowledged that BTC is “volatile” in the short term, but stressed that it should be perceived as “a long-term store of value.”
A quick analysis of Bitcoin , the coin was around $39,000 on Wednesday afternoon before the Federal Reserve decision on interest rates. The cryptocurrency shed 2% on Tuesday and has traded lower on four of the last five days. Entering Wednesday, bitcoin is down 1% for the week and over 18% year-to-date.
Last year, tighter monetary policy affected both stocks and cryptocurrencies . The Federal Reserve chairman confirmed last month that central bank officials are likely to raise interest rates in May and the months after.
Bitcoin is a fast growing technology network
Brunell argued on Wednesday that leaders like Elon Musk see Bitcoin “as a rapidly growing technology network that is completely decentralized.” Furthermore, “it cannot be manipulated or controlled by any government or entity.”
In the filing, Tesla Inc. reiterated his position on Bitcoin stating that the cryptocurrency has “long-term potential.” And he added that it is “a liquid alternative to cash.” He noted that the electric car manufacturer did not sell any of its BTC holdings.
It should be noted that Tesla became one of the first major companies to have BTC on its balance sheet. This is the same as a company holding cash or other liquid assets. The electric car maker also briefly accepted cryptocurrency for car payments. This before backing down due to the environmental impact of mining.
The influence of Elon Musk
At a conference in July, Musk said his company will most likely return to accepting bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the currency.
During the first quarter of 2021, Tesla invested a total of $1.5 billion in bitcoin , according to an SEC report at the time. Within that presentation, Tesla provided information explaining how the investment ” would give us more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity .”
The billionaire, who has long been a cryptocurrency advocate, said in a tweet in March that he still owns and will not sell his holdings in Bitcoin , Ethereum and Dogecoin .