Bitcoin has once again corrected from a $59K stable position to the problematic resistance level of $55K. The price could be driven further low as the $1.1 billion options expiry is under process. Bitcoin bulls are positive that the flagship coin would be able to score north of $100K.
The beacon cryptocurrency price has been volatile since its $43K correction last month. Some critiques say that Bitcoin might be replaced by the new generation cryptocurrencies that offer a much faster and more secure network. Bitcoin has also sustained a lot of criticism from the government for being environmentally detrimental due to its proof-of-work consent protocols.
Michael Saylor Comes Forward to Defend Bitcoin
After the latest drop in price, negative sentiments have started to rise in the crypto markets. One critique took to Twitter and exclaimed that Bitcoin is becoming ‘MySpace’ of the crypto world. This negative comparison has taken root on social media, and it is getting iterated by many. Avid Bitcoiner and MicroStrategy CEO Michael Saylor has come forward to defend Bitcoin. He claims that Bitcoin’s market cap is increasing to the highest MySpace values every few hours.
MySpace was the world’s leading social media network between 2005 and 2008. Due to the failure of being adaptive, its 100 million user base started to turn towards the new competitor Facebook in 2009. Today, MySpace has a user volume of 7 million per month. In comparison, Facebook boasts about 2.7 billion users worldwide. A Lifewire article attributes this decline to the inability of the social media predecessor to innovate. Bitcoin is often criticized for its innovative drought.
Some Upgrades have Started to Show up on Bitcoin
Since Bitcoin is an open-sourced network, some upgrades are possible. Segwit soft fork was implemented successfully on the blockchain in 2017. This upgrade enabled the ability to generate new blocks with every new transaction by separation of signatures. This upgrade helped the prevention of accidental transactions and introduced more speedy trades.
Many crypto miners have started to endorse the Taproot update. Taproot is introduced at the source code level by developers recently. If 90% of the miners add the upgrade by adding a “signal bit” patch on their mined blocks, the upgrade could be successfully implemented for launch in November. Taproot signal would increase privacy, fungibility and improve smart contracts functionality for BTC. However, it is said to be a comparatively archaic innovation.