Tezos Co-Founder Slams Bitcoin’s Store of Value Claim as Market Crashes

Tezos co-founder Kathleen Breitman has voiced concerns about Bitcoin’s status as a reliable store of value amid the recent cryptocurrency market downturn.

In an August 5 interview with CNBC’s ‘Squawk Box,’ Breitman highlighted Bitcoin’s recent dip below $50,000, attributing it to broader market anxieties. She identified fears of a global recession and a significant sell-off in Japanese equities as key factors intensifying the market’s decline.

Breitman also linked the downturn to ongoing geopolitical tensions and recent Federal Reserve interest rate adjustments. Additionally, she noted rumors of substantial liquidations by Jump Trading, which have added further pressure on Bitcoin’s price.

Commenting on the situation, Breitman criticized Bitcoin’s role as a store of value, describing it as “internet pretend money” in light of its speculative nature. She compared the current market reaction to early COVID-19 disruptions, where economic uncertainty led to the rapid sale of perceived speculative assets.

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While acknowledging Bitcoin’s volatility, Breitman believes it remains a fundamental asset within the cryptocurrency space. She maintains that Bitcoin’s value and utility extend beyond the conventional store-of-value narrative, despite the ongoing market fluctuations.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.