Tezos Co-Founder Kathleen Breitman Calls Bitcoin “Pretend Internet Money” on CNBC

On 5 August 2024, Tezos co-founder Kathleen Breitman discussed why Bitcoin’s price recently fell below $50,000.

Tezos co-founder Kathleen Breitman recently discussed Bitcoin's price drop below $50,000 on CNBC, sparking reactions from crypto advocates.

Breitman attributed the decline to market concerns, including fears of a global recession and a large sell-off in Japanese stocks. She also mentioned geopolitical tensions and recent interest rate changes by the Federal Reserve (Fed Res) as contributing factors.

Moreover, Breitman highlighted rumors of large sell-offs by Jump Trading adding pressure on Bitcoin trading price. She went on to slam Bitcoin as a store of value, terming it “internet pretend money” due to its speculative nature. Breitman also compared the current crypto market reaction to the early COVID-19 period when economic uncertainty led to rapid selling of cryptocurrencies.

Despite Bitcoin's volatility, Breitman highlighted its importance in the crypto sector, arguing that its value and usefulness extend beyond being a store of value, even with the market's ups and downs.

However, Breitman's statements drew criticism from crypto advocates, who pointed out her affiliation with the crypto space and questioned the logic behind her comments.

For instance, Max Keiser, a popular Bitcoin advocate, highlighted El Salvador's progress and development with Bitcoin adoption, contrasting it with Tezos' association with scammers.

On the other hand, a crypto enthusiast highlighted the Tezos co-founder's dependence on the entire crypto space's operations while passing comments against Bitcoin, which serves as the origin of the crypto sector.