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Bitcoin Back Above $21,000, Here’s Why: Satoshi Action Fund Founder

10 Sep, 20222 min readBitcoin
Bitcoin Back Above $21,000, Here’s Why: Satoshi Action Fund Founder

On Friday, the flagship cryptocurrency, Bitcoin, soared by over 11 percent, reaching the $21,500 level.

By now, BTC has gone down a little, trading at $21,302. Founder of the Satoshi Action Fund, Dennis Porter has tweeted that this rise was caused by the recent report by the White House.

Porter said that the report contained “extremely positive comments” on the potential of Bitcoin to provide a positive impact on the environment and renewable sources of energy.

BREAKING: Bitcoin surging after the White House puts out extremely positive comments on #Bitcoin’s potential to positively impact the grid, environment, and renewables.— Dennis Porter (@Dennis_Porter_) September 9, 2022

In the comment thread, followers pointed out that Porter was not quite right about what the report actually said. The document stated that if Bitcoin mining fails to go greener, it should be banned. The report also recommends switching to the Proof-of-Stake consensus protocol from Proof-of-Work for Bitcoin.

Earlier, U.Today covered the comments of Cardano founder, Charles Hoskinson, to this report. He recommended that BTC should adopt Cardano’s Proof-of-Useful-Work Ofelimious protocol to become more green.

In the light of this, one may interpret Porter’s tweet as sarcasm. Bitcoin went up after the ECB announced a major interest rate rise by 75 basis points earlier this week. Earlier this year, when the Fed Reserve did the same, Bitcoin price plunged.

Vocal Bitcoin critic Peter Schiff has tweeted that this is a “sucker's rally” and that he believes this is another chance to sell BTC.

I don't think @SBF_FTX taking a 30% stake in @Scaramucci's #SkyBridge is bullish for #Bitcoin. Bankman-Fried's interest in #crypto isn't new, so his investment will have no meaningful impact. Bitcoin's sucker's rally back above $21K on the news is another opportunity to sell.— Peter Schiff (@PeterSchiff) September 9, 2022

He also claimed that the recent investment of FTX into Anthony Scaramucci’s SkyBridge Capital and the acquisition of 30-percent stake will not have any significant impact on the price since the interest of Sam Bankman-Fried to crypto investment is not new.


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