Bitcoin expert calls the cryptocurrency the 'best savings technology that’s ever been invented'
Elon Musk reportedly says bitcoin is a 'liquid alternative to cash'
Coin Stories Podcast host Natalie Brunell called bitcoin the "best savings technology that’s ever been invented" and said that she views the cryptocurrency as "a store of value."
The Bitcoin educator made the comment on "Varney & Co.," reacting to Musk reportedly calling bitcoin "a liquid alternative to cash" in a recent Securities and Exchange Commission (SEC) filing.
Brunell argued on Wednesday that "leaders, like Elon Musk," view Bitcoin "as a fast-growing technology network that is completely decentralized" and "cannot be manipulated or controlled by any government or any entity."
Bitcoin and other cryptocurrencies remain unregulated within the U.S. financial system.
In the filing, Tesla Inc. reiterated its position on bitcoin stating that the cryptocurrency has "long-term potential," Bitcoin Magazine reported on Monday, noting that it also confirmed that the electric carmaker did not sell any of its Bitcoin holdings since the prior quarter.
Tesla became one of the first major companies to hold bitcoin on its balance sheet, just as a company holds cash or other liquid assets. The electric automaker also briefly accepted bitcoin for car payments before backtracking due to the environmental impact of its mining.
In a conference in July, Musk said Tesla will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency, Reuters reported.
CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA
The billionaire, who has been a proponent of cryptocurrencies, said in a Tweet in March that he still owns and will not sell his holdings in Bitcoin, Ethereum and Dogecoin.
Brunell said on Wednesday that she believes "everyone," including Musk, is "recognizing the long-term value" of bitcoin.
She acknowledged that bitcoin is "volatile" in the short-term, but stressed that it should be perceived as "a long-term store of value."
"This country’s monetary policies are ensuring the collapsing purchasing power of the dollar for the benefit of asset inflation and companies are looking to diversify, especially in these times with the Fed trying to navigate hiking rates and also trying to prevent a bust," Brunell added.
Bitcoin was holding around $39,000 on Wednesday afternoon ahead of the Federal Reserve's decision on interest rates.
The cryptocurrency gave up 2% on Tuesday and has traded lower in four of the past five days.
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||7.15||-0.02||-0.28%|
|COIN||COINBASE GLOBAL INC.||64.55||+0.98||+1.54%|
Entering Wednesday, bitcoin is down 1% for the week and more than 18% year-to-date.
Bitcoin and other cryptocurrencies have had a rough week ahead of what is expected to be a half-point interest rate hike by the Federal Reserve. It would be the second of several anticipated increases this year as the central bank seeks to combat soaring inflation, which is at a high not seen in four decades.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
This past year, tighter monetary policy has impacted both stocks and cryptocurrencies.
Chair of the Federal Reserve Jerome Powell confirmed last month that central bank officials are likely to raise interest rates in May, and subsequent months.
CLICK HERE TO READ MORE ON FOX BUSINESS
FOX Business’ Ken Martin and The Associated Press contributed to this report.