Bitcoin Represents a ‘Super logical’ Advancement in Technology

OpenAI’s CEO, Sam Altman, discussed the development of Bitcoin

OpenAI’s CEO, Sam Altman, described Bitcoin as a “superlogical” step in technology, breaking free from government control and combatting corruption.

“I’m very excited about Bitcoin,” Altman told Joe Rogan on the October 6th episode of The Joe Rogan Experience podcast. “I think the idea of having a global currency outside the control of any government is a super logical and significant step on the technology tree.”

In the wide-ranging interview with Joe Rogan, Altman discussed his thoughts on Bitcoin as a global reserve currency and his concerns about central bank digital currencies (CBDCs).

Altman, who is also the founder of Worldcoin, argued that transitioning to a “technology-backed world,” including Bitcoin, could help reduce corruption.

“One thing I’ve observed, and I think many others have as well, is that corruption is a staggering impediment to progress in society,” Altman said. “But in a world where transactions, such as payments, are no longer like physical cash but are done digitally, and someone, even when using Bitcoin, can trace those funds, I think it’s a measure to minimize corruption.”

Meanwhile, Rogan expressed optimism about Bitcoin, despite skepticism about the broader cryptocurrency industry, believing it could become a viable universal currency.

“The truly appealing cryptocurrency is Bitcoin. For me, it’s the type of currency that I think has the most potential to become the most widespread. It’s limited in quantity, and anyone can mine it with their own computer,” Rogan added. “That, to me, is very appealing. I like that it’s been deployed.”

However, Altman has been a Bitcoin supporter for a long time before the podcast. In a blog post from a decade ago, Altman argued that a world where everyone transacted with Bitcoin would be much more transparent.

“A world where we all transact with Bitcoin would be much more transparent, and financial transparency is a wonderful thing. Perhaps that is what reduces corruption the most,” Altman said.

Rogan and Altman both expressed strong opposition to CBDCs and voiced concerns about the United States becoming a surveillance state.

Rogan argued that CBDCs could grant the government even more control over how people spend their money: “I’m very concerned about central bank digital currency, and it being tied to social credit scores. That terrifies me. Pushing that not for the common good of society but for control.”

Altman added that he wasn’t impressed with how the U.S. government had recently dealt with the cryptocurrency industry: “There are many things that have disappointed me about what the U.S. government has done recently, but the cryptocurrency war, which I think it is, we can’t give up on this, like we’re going to control this and all of this. That’s something that makes me quite sad about the country.”

Bitcoin’s price trend is hovering around $28,000

Bitcoin’s price trend is hovering around $28,000 as traders suggest that large buyers need to step in for further growth.

Weekend analysis predicts that Bitcoin might face difficulties surpassing a critical resistance zone in its unique way. It continued to put pressure on $28,000 on the weekly close on October 8th as political instability caught the attention of traders.

Data from Cointelegraph Markets Pro and TradingView shows that BTC price performance managed to avoid significant downward fluctuations over the weekend.

The pair recovered quickly from a brief test at $27,000 on October 6th, thanks to unexpected U.S. employment data that contrasted with the Federal Reserve’s policy adjustments.

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Now, the $28,000 resistance level has become the primary focus for market participants entering the new week.

In a low-timeframe (LTF) order book analysis, renowned trader Skew suggested that significant buying power is still needed to turn $28,000 into support.

“So, on the LTF, we can clearly see the market still trading $28,000 as resistance. It would take a large immediate buyer to break into that area,” he told his X followers (formerly on Twitter).

“Entities are also shorting every time LTF pops up towards $28,000.”

Skew further described Bitcoin’s response to both that level and the 200-day moving average (MA) at $28,040 as “not ideal.”

Meanwhile, fellow trader Daan Crypto Trades cautioned against shorting BTC if a sudden breakthrough occurs, as this could mark the beginning of the next price surge.

“I will say that with BTC around this $28,000 mark and the 200-day/weekly MA right there, I personally don’t care much for shorting any breakdown above,” a portion of Daan’s post said.

“Previously, we often saw breakouts during the weekends at similar levels and they tended not to recover as easily as before.”

The accompanying chart shows Bitcoin CME futures market’s closing price from the previous week, which could form a price “magnet” in the new week.

He added: “Trading around CME prices is best performed in a ranging and volatile environment.”

“We are still in such an environment, but that might change if there is a strong breakout above this area. Therefore, I’m not too excited about shorting immediately, as a precaution in case we see a weekend price surge.”

New Analyst Predicts $30,000 BTC Price

Following events in Israel, others have marked political instability as a potential catalyst for upcoming BTC price moves.

Among them is Michaël van de Poppe, the founder and CEO of MN Trading.

“At the moment; market sentiment, this will be a volatile week,” he wrote in his analysis.

“My idea is that Bitcoin continues to grow and has the potential to reach $30,000 as global unrest escalates.”

Van de Poppe previously predicted a move beyond $30,000 in October, traditionally one of Bitcoin’s strongest months.

As of writing, BTC/USD is trading just below $28,000, up 3.5%, according to data from the monitoring resource CoinGlass.