- Twitter personalities like Elon Musk and Jack Dorsey have endorsed Bitcoin.
- However, more institutions have expressed bearish sentiments toward cryptocurrencies.
- Bitcoin is currently seeing increased market volatility.
Amid Bitcoin price’s increased volatility, many institutions and celebrities begin to polarize into opposite groups regarding its future outcome.
Also, Twitter CEO Jack Dorsey changed his profile description to #bitcoin as well.
However, a number of institutions have expressed bearish sentiment regarding Bitcoin. For example, Bank of England chief Andrew Bailey doubts cryptocurrencies will last. “I don’t think we’re there yet, honestly,” he said.
Ireland’s central bank governor Gabriel Makhlouf also echoed Bailey’s statements, cautioning investors against cryptocurrency. In fact, he said that they may even lose their money.
Furthermore, the Bank of Singapore also believes that cryptocurrencies may not replace fiat money as a medium of exchange. However, it claims that crypto may actually overthrow gold as a store of value.
After hitting new all-time highs (ATHs) earlier in January, Bitcoin seems to be facing a number of obstacles. Consequently, many saw the Bitcoin price to move erratically, with higher leanings toward the bear market. At the time of writing, Bitcoin price is $34,0001.92, according to CoinGecko.