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Bitcoin (BTC), the largest cryptocurrency by market capitalization, still strives to convince despite its vast popularity around the world. There could be misinformation regarding the use cases of the digital currency, coupled with trusting BTC as a real and long-term store of value.
However, some important personalities in different industry are starting to clinch with the desirable benefits which Bitcoin has to offer, tutoring the novices in the process. Such VIP is Michelle Phan, an American makeup artist, and entrepreneur. She put it upon herself to impact knowledge on her teeming Twitter followers about the functionalities rooted in BTC.
Michelle Phan Blames Misinformation about Bitcoin
Michelle Phan, a famous American makeup artist, and voice actress is a stern Bitcoin fan, who perpetually vouches for the use cases of the digital currency. She has sometimes used her personality to promote BTC, in order for the token to outgrow the thought of dissuasive critics.
Her recent comment on Twitter was birthed by a user who cherished one of her YouTube videos on Bitcoin. The follower, however, showcased his lack of knowledge about everything regarding BTC and its utilities.
He said, “listening to michelle phan talk about bitcoin really makes me want to go and buy some but i still dont understand it still so probs not a good idea.”
In response, Michelle Phan pointed out that there misinformation has about Bitcoin. She subsequently made necessary enlightening recommendation, so that her about 900 thousand followers could understand the economic strength of BTC, and how to leverage it.
She said, “There is a lot of misinformation about Bitcoin, so I recommend reading “ The Bitcoin Standard “ by @saifedean to understand not only the fundamentals of btc, but monetary history and Austrian economics. You’ll see btc as a true store of value. Good luck!”
Bitcoin Challenges over the Years
There have been reoccurring argument over the years concerning the level of trust surrounding the value of Bitcoin. The tendency of Bitcoin to maintain its price growth consistency has perpetually been questioned by prominent economists.
This alone is dissuading some potential investors from giving BTC an investment trial. This could be blamed on misinformation about the system and factors behind the price growth of the digital currency.
Howbeit, all these difficulties faced, the growth and development of Bitcoin has not been disrupted. Instead of losing value, BTC continues to fire on all cylinders.
Governments of great countries such as United States, China, India, among others, have pressed to stifle the growth of the first cryptocurrency, in defense of their economic interests. But the features rooted in BTC stand as barriers.
Bitcoin Price Action
A lot of people have seen the high volatility of Bitcoin as a major barrier, while some view the feature as what makes the digital token outstanding and tradable at any point in time.
The FUD of what would play out in the next few minutes of investment, especially when the price of the digital asset is retracing, is actually aggravating the doubt of novices who initially showed interest in journeying with the supposed success train of BTC.
Bitcoin displayed price parabolic movement to break above $10,000 resistance level a few days ago but retraced moments later. The digital currency has since settled above $9,000 support level. At press time, BTC is trading at $9,105.50, with 1.18% price plummet in the last 24 hours.