RATE Group | Bitcoin Eyes $9K as Billionaire VC Sees Dollar ‘Deflationary Spiral’
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Bitcoin Eyes $9K as Billionaire VC Sees Dollar ‘Deflationary Spiral’

12 May Bitcoin Eyes $9K as Billionaire VC Sees Dollar ‘Deflationary Spiral’

Posted at 23:25h in Cryptocurrency News by

Bitcoin (BTC) was fighting for $9,000 support on May 12 as more public praise surfaced amid continued dismal conditions for the world economy.

Cryptocurrency market daily overview. Source: Coin360

BTC price unmoved by halving

Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD closing in on the $9,000 mark on Tuesday, having briefly clipped it the day before.

Bitcoin 1-day chart. Source: CoinMarketCap

After its third block subsidy halving completed, excitement has grown over the next price move for Bitcoin, which lost $1,200 in the run-up to the event at the weekend.

Palihapitiya warns on “massive deflationary spiral”

Earlier on Tuesday, the chairman of Virgin Galactic called Bitcoin the most “uncorrelated” asset to fiat markets as the U.S. dollar faces a “massive deflationary spiral.”

Speaking to CNBC’s Squawk Box, Chamath Palihapitiya did not mince his words when it came to the biggest cryptocurrency’s superiority.

“When we started to believe in the…

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