Bitcoin expert calls cryptocurrency the “best savings technology ever invented”

Coin Stories Podcast host Natalie Brunell called bitcoin “the best savings technology ever invented” and said she sees cryptocurrency as “a store of value.”

The Bitcoin educator commented on “Varney & Co.” Responds to Musk allegedly calling bitcoin “a cash alternative to cash” in a recent Securities and Exchange Commission (SEC) filing.

Brunell claimed Wednesday that “leaders like Elon Musk” see Bitcoin “as a fast-growing technology network that is completely decentralized” and “cannot be manipulated or controlled by any government or entity.”

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TSLA TESLA INC. 918.79 +9.54 +1.05%

Bitcoin and other cryptocurrencies are still unregulated in the US financial system.

In the application, Tesla Inc. repeated its position on bitcoin, saying the cryptocurrency has “long-term potential,” Bitcoin Magazine reported Monday, noting that it had also confirmed that the electric car maker would not have sold any of its bitcoin holdings. since the previous one. trimester.

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Tesla CEO Elon Musk reportedly called the company’s bitcoin investment “a cash alternative to cash” in a recent application to the SEC. (iStock / iStock)

Tesla became one of the first large companies to keep bitcoin on its balance sheet, just as a company has cash or other liquid assets. The electric car maker also briefly accepted bitcoin for car payments before going back due to the environmental impact of its mining operations.

At a conference in July, Musk said Tesla would most likely start accepting bitcoin as payment again after conducting due diligence on how much renewable energy it used to extract the currency, Reuters reported.

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The billionaire, who has been a supporter of cryptocurrencies, said in a tweet in March that he still owns and will not sell his Bitcoin, Ethereum and Dogecoin holdings.

Brunell said Wednesday that she believes “everyone,” including Musk, “recognizes the long-term value” of bitcoin.

She acknowledged that bitcoin is “volatile” in the short term, but stressed that it should be seen as “a long-term asset.”

“This country’s monetary policy ensures that the purchasing power of the dollar collapses in favor of asset inflation, and companies are seeking to diversify, especially in these times when the Fed is trying to navigate rising interest rates and also trying to prevent a meltdown,” Brunell added. .

Bitcoin held around $ 39,000 on Wednesday afternoon ahead of the Federal Reserve’s interest rate decision.

The cryptocurrency fell 2% on Tuesday and has traded lower for four of the past five days.

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BITQ TRADING CONCEPT OF EXCHANGE TRUST BITWISE E CRYPTO INNOVATORS 11.83 -0.23 -1.91%
MONEY COINBASE GLOBAL INC. 121.53 -2.03 -1.65%

By Wednesday, bitcoin has fallen 1% for the week and over 18% year-to-date.

Bitcoin and other cryptocurrencies had a tough week ahead of what is expected to be a half-point rate hike from the Federal Reserve. It would be the second of several planned increases this year as the central bank seeks to tackle rising inflation, which is at a level not seen for four decades.

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Last year, the tightening of monetary policy had an impact on both equities and cryptocurrencies.

Federal Reserve Chairman Jerome Powell confirmed last month that central bank officials were likely to raise interest rates in May and beyond.

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Ken Martin of FOX Business and Associated Press contributed to this report.

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