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Arthur Breitman, a co-founder of the Tezos blockchain protocol and a crypto O.G., famous that bitcoin’s resistance to confiscation makes it a “retailer of worth” in one other sense.
“Bitcoin is an effective retailer of worth if … financial institution accounts are being seized,” he wrote in a reply to Weisenthal on X. “It’s contextual.”
In a separate reply to Weisenthal, Dan McArdle, co-founder of crypto information service Messari, quote-tweeted an outdated put up during which he described how he anticipated bitcoin to carry out throughout several types of calamities.
It ought to “selloff underneath liquidity-crisis situations, ramp on sovereign-debt/fiat-confidence crises,” McArdle wrote in 2018. Monday was an instance of the previous.
As for a extra time-tested retailer of worth, the value of gold was down about 1% Monday afternoon.
“It’s unfair to evaluate bitcoin towards one thing that’s hundreds of years outdated as a retailer of worth when it’s nonetheless in its infancy,” mentioned Alex Thorn, head of firmwide analysis at crypto funding financial institution Galaxy Digital, referring to comparisons to gold.
