The crypto sphere has raised a lot of supporters and critics lately. This much can be seen in the volatility in the price of Bitcoin. Among the critics is a well-known figure in the stock trading world – Warren Buffett. In a recent statement he made to CNBC, he said that Bitcoin was even worse than “rat poison squared”.
As much as news or heavy criticisms from authorities in the financial world can matter in terms of Bitcoin price, these do not always trigger price movements. Buffett’s stand on cryptocurrency is nothing people do not already know. For this reason, the opinion was meaningless and just served as an echo of the things he had already said in the past.
At this point, Bitcoin has received its fair share of strong, conflicting opinions. Being the number one cryptocurrency, it can withstand outbursts like this one. However, it is not immune to any exaggerations that can be made by mainstream media. Small or temporary price dips can easily be seen following news of this nature.
Worth noting is Bitcoin’s price recovery over the past two weeks. Having dived to the 6,000 area, it has now done well to generate an upward momentum. As it is almost back to the $10,000 mark, it would be strange to receive comments such as the one Buffett just gave.
Media Will Be Media
Apart from strictly traditional financial establishments, mainstream media is not very fond of cryptocurrency. Whenever a well-known personality in the financial world makes a negative remark, media will be sure to let everyone know, thus impacting Bitcoin prices.
As much as Bitcoin is doing well to recover, it remains a cause for concern overall in the financial industry. This then gives financial establishments reasons to get closer to media outlets so authorities can speak their minds to the whole world.