By Tobi Loba
The Chief Technical Officer (CTO) at Ripple, David Schwartz, has recently stated that governments’ restriction or ban cannot take the price of Bitcoin (BTC) to zero. This came in response to the stance of a Bitcoin pessimist Jim Rogers.
In early 2020, the price of Bitcoin saw an increase to $10,500 price level, raising the hope of BTC holdlers. The trend made it look as if the digital currency is set for its price all-time high, but reverse ended being the case.
The king of coins experienced a devastating plummet to trade at $4,000 price region. This negative trend energized the pessimist that are waiting for Bitcoin to drop to zero. But BTC did not linger. As always, a few hours after the slump, the cryptocurrency printed another upside trend, taking other battered cryptocurrencies along.
It is obvious that many billionaires around the world don’t believe in the prospect of Bitcoin, they think it has no value, while the in-house crypto enthusiasts think they need to be educated about the nascent technology.
Even governments keep threatening to restrict or ban the digital currency, as some believe that its system makes it seamless for criminals to move huge funds without interference.
Despite the success of Bitcoin (BTC) over the years, some pessimists are still waiting to see the cryptocurrency back to zero. At press time, BTC is priced at $9,188.02, with a 1.21% price downtrend in the last 24 hours.
David Schwartz Says Bitcoin (BTC) Won’t Drop To Zero
Ripple CTO, David Schwartz, recently challenged the notion of a legendary investor Jim Rogers, who claimed that Bitcoin (BTC) is going to zero.
Responding to Roger’s assertion, Schwartz wrote, “Generally when governments restrict or ban things, the result is not a decrease in price.”
Generally when governments restrict or ban things, the result is not a decrease in price.
— Ｄａｖｉｄ "ＪｏｅｌＫａｔｚ" Ｓｃｈｗａｒｔｚ (@JoelKatz) June 26, 2020
Institutions and governments have spoken ill of Bitcoin since its emergence a decade ago. But the fact that it keeps flourishing despite the stern scrutiny, strengthens the notion that it has passed the test of time and it’s here to stay.
If Bitcoin (BTC) continues to flourish in terms of price in 2020, there is a tendency that altcoins such as XRP that has been lackluster in the market, will leverage the positive impact of its sovereignty over other crypto assets.