Back on that day, he mentioned “a better form of money that helps billions,” warning the community that it “won’t be a good legacy” to be on the wrong side of history in this respect.
This tweet came as the global flagship cryptocurrency, Bitcoin, finally regained the $90,000 price mark after facing a large 5.7% decline, when it fell from above the $93,000 level reached on Wednesday.
On Nov. 13, Bitcoin skyrocketed to a historic peak of $93,434 upon recent political developments in the U.S. and after the Federal Reserve slashed the interest rate by 25 basis points. That was the second rate cut this year after the first one in September, when the Fed decreased the rate by 50 basis points.
When the ATH happened, CZ tweeted that there are likely to be many Bitcoin hikes and drops in the future, and he warned the community that they should “control their greed,” manage risks accordingly and should not put all their eggs in one basket.
She then said that the U.S. would buy one million in Bitcoin over the next five years – 200,000 BTC per year. One million Bitcoins is roughly 5% of the total 21 million BTC supply that can ever exist. The new bill would allow Pennsylvania to allocate 10% of its $7 billion budget to buy Bitcoin with.
This article was originally published on U.Today
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