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<p class="is-style-lead">Kathleen Breitman, the co-founder of the Tezos blockchain, says Bitcoin’s narrative as a store of value is “being decimated” amid the latest crypto crash.</p> 
<p>The Tezos (<a href="https://crypto.news/price/tezos/">XTZ</a>) co-founder shared the viewpoint in an <a href="https://www.cnbc.com/video/2024/08/05/bitcoins-narrative-as-a-stored-value-is-being-decimated-as-we-speak-says-tezos-kathleen-breitman.html" target="_blank" rel="">interview</a> with CNBC’s ‘Squawk Box’ on Aug. 5, commenting on the crypto market reaction as Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) plunged to under $50,000.</p> 
<p>According to Breitman, Bitcoin’s price plunged as investors and traders reacted to broader market jitters. Catalysts to this flip in sentiment include fears of a potential global recession, with the crash in Japan’s stocks exacerbating the situation across the market on Monday.</p> 
<h2 class="wp-block-heading" id="tezos-co-founder-comments-on-btc-sell-off">Tezos co-founder comments on BTC sell-off</h2> 
<p>Analysts also attributed the market’s tumble on Aug. 5 to geopolitical tensions and the Federal Reserve’s recent interest rate decision. In crypto, rumors of massive selling by Jump Trading injected new downside pressure.</p> 
<p>It’s the crypto reaction that has Breitman not mincing her words about BTC as “internet pretend money.”</p> 
<p>“Basically, what we are seeing is something similar to what happened at the beginning of COVID, where folks get a sense of something that looks like a recession and the first thing they decide to sell is their internet pretend money,” Breitman said.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-slumps-under-50k-losing-12-as-broader-financial-markets-in-turmoil/"> Bitcoin slumps under $50K, losing 12% as broader financial markets in turmoil </a> </p> 
<h3 class="wp-block-heading" id="not-a-store-of-value">Not a ‘store of value’</h3> 
<p>Breitman added that BTC is getting “a bit of a shellacking” as it remains a largely speculative currency and that most holders still don’t see it as anything more.</p> 
<p>“It’s good to acknowledge that it’s an experiment,” Breitman told CNBC’s Andrew Sorkin and Joe Kernen. As for Bitcoin being a store of value, the Tezos co-founder said she’s yet to buy into that narrative, which she added was a meme currently “being decimated.”</p> 
<p>Despite this view, Breitman says Bitcoin is a core asset in the market and will grow as it becomes more mainstream. BTC has core utility and does not need to be a store of value asset to be useful, she added.</p> 
<p> You might also like: <a href="https://crypto.news/microstrategy-ceo-bitcoin-million-times-gold-store-value/"> MicroStrategy CEO: Bitcoin is “a million times better” than gold as a store of value </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-is-down-double-digits">Bitcoin is down double digits</h2> 
<p>While the digital gold has rebounded slightly to above $50k, its value remains 17% down in the past 24 hours and more than 28% in the red over the past week. Elsewhere, it’s a sea of red for crypto as 24-hour liquidations rose to over $1 billion.</p> 
<p>Notably, Bitcoin and stocks’ declines contrasted with the performance of gold, which largely held its value as the market got smashed.</p>

Bitcoin store of value narrative ‘being decimated’, Tezos co-founder says

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