The Terra token is responsible for the fall of Bitcoin, according to Antoni Trenchev – BeinCrypto International

While inflation and the bursting of the Tech bubble are blamed for the fall of the crypto, the co-founder of Nexo is swimming against the current.

A fall due to internal phenomena?

Many theories are surfacing to justify the fall of cryptocurrencies. But while external phenomena are implicated, Nexo co-founder Antoni Trenchev thinks the situation is quite different. Asked by Bloomberg, the entrepreneur expressed his opinion on the responsibility of investors and Terra on the decline in value of Bitcoin. Panicked, they sell all their coins and negatively affect the curve of the small orange coin.

I believe that the pressure that Bitcoin is under right now is actually the unwinding of the huge reserves of BTC that the Luna Foundation had accumulated. They are resold en masse, and that is what puts pressure on the market.

Antoni Trenchev during his interview for Bloomberg

Also asked about the seriousness of the bursting of the crypto speculative bubble, Antoni Trenchev wished to sweep away the fears of the crypto sphere. According to him, the events are far from being dramatic and, thanks to large investors, the industry will be able to emerge stronger from the crisis.

The crypto sphere experiences one to two such moments a year. Last year we had the China ban and the year before we had the Covid, cryptocurrencies declined by up to 50%. So this time, I think what’s different is the fact that you have a limited number of vendors. What I see on the Nexo platform and what we have is up to 4 million retail users with a very large institutional client base. I don’t see them selling like they did in 2020 or 2021 anyway. […] I’m curious to see if Bitcoin will hold its value at $25,000. If not, it could very well come back to $20,000, previous all-time highs from 2017-2018, but I think large-scale buying will come later.

Antoni Trenchev during his interview for Bloomberg

This estimate of the value of Bitcoin is a far cry from the $100,000 he himself announced at the start of the year. Antoni Trenchev revises his predictions downwards but joins all the big players in the industry in believing that the recovery in the value of crypto is guaranteed, and even that it will be closer than believed. Only downside: according to him, the crisis is not yet over and it would be good to wait a while before investing again.

Source: Antoni Trenchev’s Twitter account

Terra attracts the wrath of the big names in the crypto sphere

If the co-founder of Nexo does not hesitate to accuse Terra, he is not the only one to express his doubts concerning the responsibility of the token in the crisis. Billy Markus, the acclaimed founder of Dogecoin, is quick to share his thoughts on the defunct stablecoin on his Twitter account. While Do Kwon was proposing a recovery plan intended to boost the price of LUNA, Billy Markus did not hide his doubts and recommended that he withdraw from the industry. While the latter was lecturing his users, he himself tackled the founder of the currency while discreetly calling it a real scam.

Source: Do Kwon’s Twitter account
Source: Billy Markus Twitter account

In order to make his opinion on Terra resonate within social networks, Billy Markus did not hesitate to debate with several users and even posted a suggestive image as a conclusion. It would therefore seem that Do Kwon’s play must make amends with the industry if it wishes to regain its acclaim. However, if the big names in crypto are turning their backs on it, its recovery seems in jeopardy.

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The Terra token is responsible for the fall of Bitcoin, according to Antoni Trenchev – BeinCrypto International


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