*By Jacqueline Corba*
Bitcoin dropped back below $8,000 this week, prompting the cryptocurrency's defenders to explain the seemingly rapid fluctuations (prices fell about $500 on Tuesday).
"Probably the biggest thing driving Bitcoin's price where it is today is in fact the 'Bitcoin fork,'" a technical change in the currency's transaction protocol, said Brock Pierce, the Bitcoin Foundation's chairman. "There's uncertainty on what is Bitcoin?"
The most recent sell-off comes after Bitcoin hit an eight-week high on July 24.
"There was a nice moment there where it felt like we were going from this kind of bear, stagnant market back into a bull state," Pierce said in an interview Thursday on Cheddar's Crypto Craze. "But obviously that was a little premature."
Pierce, who started investing in Bitcoin in 2011, said he remains "incredibly bullish" on the digital currency, calling it "Gold 2.0."
For more on this story, [click here](https://cheddar.com/videos/crypto-pioneer-brock-pierce-shares-outlook-on-bitcoin).
Susan Bourgeois, Louisiana Economic Development Secretary, talks preparations for Super Bowl LIX, plus Meta’s $10B data center coming soon to North Louisiana.
Triller CEO, Sean Kim, joins Cheddar to discuss how content creators are looking for alternatives in the U.S. as TikTok's future hangs in the balance. Watch!
Uncle Nearest CEO Fawn Weaver joins Cheddar to talk alcohol warning labels, the future of the alcohol business and why she thinks DEI has a PR problem. Watch!
Shark Tank's Daniel Lubetzky, Founder of KIND Snacks, breaks down the FDA's new definition of healthy, plus, his thoughts on building a stronger democracy.
