Bitcoin "Final Countdown" vs "Don't Stop Believing"

Elon Musk and Jack Dosi 'Debate' Ahead of Bitcoin Discussion
Bitcoin's Recovery to $30,000 Slows
Analysis of Institutional Investment Decline

Elon Musk Photo by AP Yonhap News

[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrency Bitcoin is attempting to recover to $30,000 but is facing difficulties. A day before, Elon Musk and Jack Dorsey engaged in an online debate, heating up anticipation for their century-defining discussion on Bitcoin's future.

Cryptocurrency investors are focusing on the 'Big Event' scheduled for the 21st (local time). 'Doge Father' Elon Musk, CEO of Tesla, and 'Bitcoin Devotee' Jack Dorsey, founder of Twitter, are set to debate at the 'B World' event aimed at promoting Bitcoin.

The confrontation between Musk, who has attacked Bitcoin citing energy efficiency concerns, and Dorsey, who maintains strong faith in Bitcoin, is likely to impact cryptocurrency prices.

Musk has already taken an offensive stance on Twitter, stating, "I will sing the rock band Europe's hit song 'Final Countdown' at this event."

In response, Dorsey replied, "I might need a wig to look like a rock star," interpreted as a jab at Musk's past baldness. Musk answered, "I have plenty of wigs."

Dorsey also defended himself by linking a YouTube video of rock band Journey's hit song 'Don't Stop Believin',' saying, "We will play this song."

Ahead of the event, Musk changed his profile picture to one featuring the Shiba Inu dog, symbolizing Dogecoin, wearing sunglasses.

At the event, 'Money Tree Sister' Cathie Wood is also scheduled to deliver a keynote speech supporting Bitcoin.

According to CoinMarketCap on the day, Bitcoin's price is forming at $29,922, down 2.5% compared to 24 hours earlier. Ethereum is trading at $1,803, down 0.96%, and Dogecoin is down 0.71% at 17.2 cents.

Bitcoin plunged to $29,300 after breaking below the $30,000 mark a day earlier but subsequently attempted to surpass $30,000 again, failing repeatedly.

Bitcoin's price fell below $30,000 after news that U.S. Treasury Secretary Janet Yellen urged financial regulators to promptly establish stablecoin regulations at a meeting the day before.

One reason for Bitcoin's sluggish price is the decline in institutional buying. On the day, cryptocurrency media CoinDesk reported, citing Glassnode data, that outflows occurred from Purpose Bitcoin ETF, the world's first Bitcoin exchange-traded fund (ETF). This was interpreted as indicating a decrease in institutional enthusiasm for Bitcoin investment.

It is also analyzed that the sluggish price of the Grayscale Bitcoin Trust (GBTC), which institutions mainly buy when investing in Bitcoin, is an example showing weak institutional demand. Glassnode found that GBTC traded 11% to 15.3% below the fund's net asset value last week.