Industry experts say short-term price is irrelevant as BTC dips below $70K

As Bitcoin falls below $70,000, CoinDesk has compiled comments from industry experts on the matter. - Balaji Srinivasan, former CTO of Coinbase, stated that he has never been more optimistic about cryptocurrency because a rules-based order is collapsing while a code-based order is emerging. He argued that short-term prices are therefore unimportant. Srinivasan added that nations will fail and be replaced by networks, necessitating cryptocurrency for what he calls internet capitalism, internet democracy, and internet privacy. - Samson Mow, CEO of Jan3, commented that the current downturn feels terrible not because of its scale but due to its perceived unfairness. He noted that while everything else is rising, crypto is stagnating, falling amid concerns of an AI bubble and also when gold prices drop. However, Mow emphasized that absolute scarcity is a clear reality and that prices cannot fall forever.