Bitcoin (BTC) has dropped below the $8,500 mark. This is significant news, and it’s likely Bitcoin bears are going to try to drag the currency below the $8,000 mark during the remainder of the week. Will it happen, though? Only time will tell, but we can look to various mediums to see if there is any specific Bitcoin news bringing the price down today, but what may help to turn it around for the coin is Jack Dorsey on BTC— his thoughts are very interesting.
Bitcoin (BTC) Daily Chart
Bitcoin (BTC) is currently selling for $8,325.74. This puts BTC down 2.44% in the past twenty-four hours. Right now, Bitcoin (BTC) has a market cap of $141.85 billion, making it the largest digital currency.
Bitcoin News | May 16, 2018
Most people are hovering over their computers today, watching to see if Bitcoin will drop past $8,000. However, the price of the cryptocurrency is not the only piece of Bitcoin news circulating today. In fact, the CEO of Square and Twitter has been very vocal about Bitcoin (BTC) today, saying he is a “huge fan.”
Jack Dorsey, Square, and Twitter CEO, made these comments on stage at Consensus 2018. The 41-year-old stated that the Internet is “going to have a native currency,” and that instead of waiting for it to happen, we should “help it happen.” When we do have a native currency, however, Dorsey said he doesn’t know if it will end up being BTC, but he has his fingers crossed that it will be.
— jack (@jack) May 16, 2018
Dorsey also likely made these comments because using Bitcoin (BTC), or any virtual currency, for that matter, as a global currency will make it easier for his payments company to enter new marketplaces.
Bitcoin Community Responds to Jack Dorsey
So, did the Bitcoin community react positively to Jack Dorsey’s comments at Consensus 2018? On Twitter, there were a number of tweets that seemed to support Dorsey’s ideas. Some accounts shared the news, others thanked the CEO for making comments such as these.
— Bitcoin (@btc) May 16, 2018
“The internet deserves a native currency…it’s going to happen” –@jack
— Michael Sonnenshein (@Sonnenshein) May 16, 2018
.@jack: "The internet deserves a native currency. It will have a native currency…So as a company and as individuals we need to learn how to make that happen…I want to make sure that from a corporate view nothing ever threatens it." #Consensus2018 #BlockchainWeekNYC
— Annaliese Milano (@AnnalieseMilano) May 16, 2018
— Kyle Torpey (@kyletorpey) May 16, 2018
Bitcoin News | Community Reacts to Price Drop
As exciting as the Jack Dorsey and Bitcoin news is, we can’t forget that Bitcoin (BTC) is now trading below the $8,500 level. So, what are people saying about the price drop itself? Oddly enough, the Bitcoin Twitter community has been pretty quiet about the price drop. Perhaps it’s because they are too busy biting their nails to tweet.
What do you think of the drop?
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