Cryptocurrency remains a hot topic for debate, with some arguing that it is here to stay and will continue to show growth, and others maintaining that it is essentially dead in the water. Whether you have been following the news closely or not, yesterday marked an important day in cable news. Two of the most influential American news reporters – Tucker Carlson and Don Lemon – were both let go, and the market reacted to Carlson’s announcement in particular.
Let’s turn our focus to the world of cryptocurrency, and discuss the competing views of its future. According to investor and SPAC King, Chamath Palihapitiya, cryptocurrency is already dead in the United States due to “the establishment” pushing back against the idea of a parallel financial system to the currently centralized industry. Palihapitiya claims that the Securities and Exchange Commission’s chairman citing crypto as a factor in a fall that characterized Silicon Valley Bank in March is proof of this stance.
In stark contrast to this belief, Standard Chartered released a note to clients claiming that it’s possible Bitcoin could soar more than 250% by the end of next year to reach $100,000. The banking institution mentioned that chaotic conditions in the banking system, an upcoming Bitcoin halving, and the Fed’s rate hike stopping were some of the major factors driving the potential growth.
As to who is right, only time will tell. Certainly the scalability of Bitcoin, and the fact that other cryptocurrencies have been struggling to keep up with it, creates an opportunity for increased growth. It’s also worth noting that the Silicon Valley Bank fall may have created awareness for the advantages of decentralized assets.
Now let’s talk about one of the major players mentioned in the article – Chamath Palihapitiya. Chamath is a venture capitalist and the founder, CEO and chairman of Social Capital. He is an early investor in cryptocurrency and was the owner of the first Bitcoin purchase in history. Chamath is well known for his investments in disruptive companies, such as Facebook and Tesla, as well as his philanthropic work.
Fox Corporation is another major player mentioned in the article. Fox Corporation is a global mass media company that is based in the United States. It was created in March 2019 after the spinoff of the publishing and broadcasting assets of 21st Century Fox. Fox Corporation owns Fox News Channel, Fox Business Network, and the Fox Broadcasting Company, among other networks. The corporation’s stock tumbled Monday when it announced Tucker Carlson’s exit.
As news personalities and major corporations continue to evolve, cryptocurrency is surely a topic that will remain top of mind. Is it dead in the water, or on the cusp of reaching new records? It’s hard to tell, but one thing is for sure – crypto is an industry that is full of surprises.
