In a recent tweet, economist Henrik Zeberg took a jab at the mainstream media and some panicky commentators who called a 0.17% decline in Bitcoin‘s price a “crash.”
“I survived the Feb. 18th CRASH in #BTC of 0.17% 😅,” Zeberg tweeted.
I survived the Feb. 18th CRASH in #BTC of 0.17% 😅
— Henrik Zeberg (@HenrikZeberg) February 19, 2025
But hey, let’s not forget that this “crash” was just one hourly candle and was part of a bigger price drop that constituted 2.5%. That’s like saying you survived a rollercoaster when you were just on a kiddie ride.
Anyway, Bitcoin has since pared its losses and surged by 2.55%, recovering the $96,320 price level. Yay for Bitcoin! 🎉
Michael Saylor Hints That Bitcoin Might Fix Musk’s Gold Debate
This week, Elon Musk, CEO of Tesla and public leader of the U.S. Department of Government Efficiency (D.O.G.E.), raised the issue of the U.S. national gold reserve held in Fort Knox since 1937.
Musk believes that Fort Knox needs to be audited along with other U.S. governmental organizations and agencies connected with governmental spending. He cited U.S. Senator Mike LEE, who admitted that his requests to visit Fort Knox to inspect the country’s gold reserve have been repeatedly rejected despite his high status in the U.S. government.
Musk has doubted that the gold reserve is audited every year and published a tweet with a meme that suggests he believes that the gold may not be there at all, or that it may be a lot less than the most recent audits claim.
Enter Michael Saylor, cofounder of Strategy (formerly MicroStrategy) and a vocal Bitcoin evangelist. He commented on Musk’s post to say what Bitcoin maximalists routinely say: “Bitcoin fixes this.”
Later that day, Bitcoin opponent Peter Schiff stated that Bitcoin does not fix anything since “when you audit gold you audit something. When you audit Bitcoin you audit nothing.” He responded to a tweet published by pro-Bitcoin senator Cynthia Lummis, who echoed Saylor’s proposal: “A bitcoin reserve could be audited any time 24/7 with a basic computer. It’s time to upgrade our reserves.”
Well, Peter, I guess we’ll just have to agree to disagree. 😉
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2025-02-19 18:16