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

On Friday, the flagship cryptocurrency, Bitcoin, rose by over 11 percent to reach the $21,500 level.

Now, BTC has gone down a bit, trading at $21,302. Founder of Satoshi Action Fund, Dennis Porter, has tweeted that this increase was caused by the recent report from the White House.

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

USER: Bitcoin surges after White House posts extremely positive comments about #Bitcointhe potential to positively influence the grid, the environment and renewable energy.

— Dennis Porter (@Dennis_Porter_) 9 September 2022

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

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Previously, U.Today covered Cardano founder Charles Hoskinson’s comments on this report. He recommended that BTC adopt Cardano’s Proof-of-Useful-Work Ofelimious protocol to become greener.

In light of this, Porter’s tweet can be interpreted as sarcasm. Bitcoin rallied after the ECB announced a major interest rate hike of 75 basis points earlier this week. Earlier this year, when the Fed Reserve did the same, the Bitcoin price plummeted.

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 do not think @SBF_FTX takes a 30% stake @Scaramucci‘s #SkyBridge is bullish for #Bitcoin. Bankman-Fried’s interest in #crypto is not new, so his investment will have no meaningful impact. Bitcoin’s suckers rally back above $21K on the news is another opportunity to sell.

— Peter Schiff (@PeterSchiff) 9 September 2022

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