El Salvador Presidential Advisor Says Bitcoin Price Rise Is Inevitable
Max Keiser, the adviser to the President of El Salvador on the crypto market, said that the growth of Bitcoin hashrate indicates a recovery in the price of the first cryptocurrency.
According to the adviser, the main factor that should give crypto investors confidence that the local decline in the market value of bitcoin is temporary is related to the zero involvement of mining companies in the event.
Kaiser based his conclusions on data on the growth of the overall hashrate of the Bitcoin network, which exceeded 900 EH/s.
“It is the miners, not the buyers of BTC, who take the risk and send the best signal. Mining is completely independent of price. Miners know what is coming next,” Keiser said.
The Bitcoin advisor saw another event that could be interpreted as a signal to the market that the price of the first cryptocurrency is about to recover. This is a drop in speculative demand on the futures market.
“Futures traders are stopping their stop hunt. When they run out, BTC will rise to new highs in the coming days,” Keiser said.
The Birb Nest founder Adrian Zdunchik announced that the average cost of mining one BTC coin is now around $97,000, which fully covers the miners' costs for electricity, equipment, and operating expenses.
Jacob Kinge, CEO of analytics platform WhaleWire, said that Bitcoin could face a catastrophic crash because mining of the first cryptocurrency has become too centralized.
Source: cryptonews.net
