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Crypto

Bitcoin's $1.6 Trillion Market Cap Fails to Convince Skeptical Investor

Guavy AI Editorial Team
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BTC
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The price of Bitcoin (BTC) rebounded to around $80,000 on Friday, but investor Jason Calacanis remains skeptical about its future.

Calacanis believes that after 17 years, Bitcoin has failed to become the widely used currency it was initially promised to be. He likens its current state to a CD in an era of streaming services or DVDs compared to Netflix.

In response, Michael Saylor, executive chairman of Strategy, pointed out that Bitcoin's market capitalization is around $1.6 trillion and continues to attract institutional investors. Saylor defended Bitcoin as a form of 'digital capital' and argued that its main purpose is not to be a widely used currency but rather to preserve wealth over the long term.

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