Last week, Bitcoin recorded a significant increase of 13.25%, rising from $42,970 to $48,663. Currently, Bitcoin continues its rise and has crossed the $50,000 mark.
Edward Snowden Prefers Bitcoin Chart Over Super Bowl
While the United States is focused on Super Bowl LVIII, prominent dissident former intelligence officer Edward Snowden has drawn attention to Bitcoin. Snowden shared on Twitter that he was more interested in the Bitcoin chart than the highly-watched Super Bowl.
Various factors were effective in Bitcoin rising above the $48,000 level. Bitcoin ETF issuers continue to purchase BTC and the selling pressure brought by Grayscale appears to be easing. Bitcoin ETF providers are reporting large BTC inflows.
Another factor contributing to this is that the narrative around Bitcoin's layer-2 solutions is strengthening and many in the cryptocurrency space are starting to realize that BTC can be more than a store of value.
The flow of funds from venture capitalists to emerging Bitcoin-based projects has also played an important role in Bitcoin's advancement.
Practices that started fundraising about six months ago are now seeing massive cash flows and have even become oversaturated with capital.
Meanwhile, during the Super Bowl, financial guru Robert Kiyosaki, a strong Bitcoin advocate and author of “Rich Dad Poor Dad,” tweeted his expectation that the “American Empire” would soon collapse and likened it to the Roman Empire.
Kiyosaki drew attention to the rapidly growing national debt of the United States, which currently stands at approximately $34 trillion.
Urging his followers to invest in Bitcoin instead of the Super Bowl, Kiyosaki compared this event to “gladiators entertaining the Romans” while the Roman economy was rapidly decaying.
*This is not investment advice.