Recently, U.S. President Donald Trump's announcement about mutual taxes with 185 countries including China negatively impacted Bitcoin and altcoin markets.
Trump's Tax Impact on Cryptocurrencies
President Donald Trump announced a 34% additional tax on the tariffs imposed on China, leading to retaliatory measures from China. This escalation of tension between the U.S. and China has negatively affected the cryptocurrency market, causing Bitcoin and altcoins to drop to levels not seen for months.
Jack Dorsey's Views on Bitcoin's Future
Jack Dorsey, CEO of Block, recently shared his thoughts on the "Presidio Bitcoin" podcast. He stated that Bitcoin will ultimately fail if it is used solely as a store of value and not become a payment method. Dorsey emphasized that Bitcoin has strayed from its original vision outlined in the whitepaper as a 'peer-to-peer electronic cash system.' He called for the development of fast, private, and secure payment solutions. "I think for Bitcoin to continue to exist in everyday life, it needs to be used for payments. Otherwise, it's something you buy and forget about, and only use in emergencies or when you want to get liquid again."
Conclusion on Cryptocurrency Market Predictions
This situation raises important questions regarding Bitcoin's role and the future of other cryptocurrencies. If Bitcoin is not accepted as a payment method, its relevance may diminish, leading to negative consequences for the entire crypto market.
It is essential to monitor developments in cryptocurrency regulation and expert opinions, as they can significantly impact the future of Bitcoin and other digital assets.
