Each week, Blockchain News brings you the best social media tidbits, FUD and other oddities from the cryptosphere’s social media landscape.
Silbert: “The bears ran out of energy”
Barry Silbert, founder and CEO of Digital Currency Group, spoke with CNBC on July 18 about the bear / bull market, the Securities and Exchange Commission, Wall Street and more.
“I think the bears kind of ran out of energy, ran out of bitcoin to sell,” Silbert said when asked why the bitcoin bottom had been breached. “It’s gonna be not just easy to be involved [in crypto], but it’s going to be socially acceptable.”
The king of #crypto @barrysilbert says #bitcoin has found its bottom and the only way is up. pic.twitter.com/CIi2PEKDnK
— CNBC's Fast Money (@CNBCFastMoney) July 18, 2018
Silbert also said that he believes only five cryptocurrencies will make it in the long run — Bitcoin, Ethereum Classic, Zcash, ZenCash and Decentraland — and the rest will bottom out at zero.
Sen. Bernie Sanders: Crypto Communist?
In a response to a tweet by U.S. Sen. Bernie Sanders (I-Vt.) on June 16, one Twitter user claimed that Sanders is a “crypto communist,” and that he wants to “steal and enslave people at a greater rate than virtually any other US politician.”
What followed was a back-and-forth between many users over these comments, the most relatable of which was: “THIS is why I voted for free college. Education is so important.”
Nope. Bernie is a crypto communist. He wants to steal and enslave people at a greater rate than virtually any other US politician.
— Lou Salvati IV (@LibertyLou4) July 16, 2018
Robin Hood Gets into Crypto
On July 16, financial investment platform RobinHood announced that Dogecoin would be available on their network, which recently added cryptocurrency investment tools. Their community was excited by the announcement, with one user pointing it out as a sign of the forthcoming end of the bear market.
Meltem Demirors Calls Crypto Out
Following an article on Bloomberg in which the CEO of Blackrock said there’s zero interests in cryptocurrency among the company’s investors, Meltem Demirors — chief strategy officer at CoinShares — replied to the comments, calling out the crypto community for its lack of professionalism.
have you listened to people in crypto lately? we all sound like we’re reading ayn rand on acid while huffing paint. institutional investors *roll their eyes* when i mention crypto. this is what happens when you sell bullshit and vapor ware. this isn’t VC. https://t.co/ovatW1GLnS
— Meltem Demirors (@Melt_Dem) July 16, 2018
Demirors was quick to follow the tweet, writing that she is “here because there’s such an amazing opportunity. We just need to remember that this has to have a purpose beyond personal enrichment in the form of money, power, and fame.”
The “Crass and Supine Ignorance” of Congress
On July 18, the United States Congress held two hearings in relation to cryptocurrencies. CoinDesk live-tweeted the event. CoinDesk tweeted that ranking member Collin Peterson has “real concerns” over scams, particularly in the initial coin offering (ICO) realm.
Amber Baldet, co-founder of CEO of Clovyr, testified in front of Congress. She said: “Email allows you to send a digital version of a birthday card to a grandchild instantly. Cryptocurrency like bitcoin gives you the ability to put the digital equivalent of $10 inside that card.”
Congress is hosting two hearings on cryptocurrencies today. Follow this space for live coverage, starting in 30 minutes: https://t.co/W6Cc6S08LL #CryptoCongress
— CoinDesk (@CoinDesk) July 18, 2018
“We’re creating another money supply here as I see it,” Rep. Rick Allen said. “I just don’t know how that works. Our dollar sets the mark for the world. I can’t visualize how this would work.”
Many Twitter users called out representatives for not having an prior knowledge on the subject. One user tweeted: “What to expect when Congress talks crypto; crass and supine ignorance!”