PolySign CEO Jack McDonald told CNBC that the second half of 2022, when winter is over for the cryptocurrency market, will be on the rise.

McDonald, in addition to Bitcoin (BTC) and Ethereum (ETH), is of the opinion that Cardano (ADA) and Solana (SOL), which investors see as the least risky, will be among the first coins to rise in the expanding market.

As it is known, in the past weeks, especially with the downtrend triggered by the TerraUSD (UST) crisis, Bitcoin has fallen to the level of $ 26,000 and the crypto money market has been painted red.

cnbc-1

McDonald further disagrees with the notion that Bitcoin and other cryptocurrencies act as a hedge against inflation. The CEO thinks that the correlation seen between the stock market and the cryptocurrency market is largely related to the war in Ukraine.

   “I still believe that in the long run, [the cryptocurrency market] will separate from other markets. But there is definitely a very strong correlation right now.”

McDonald thinks that institutional interest in cryptocurrencies has increased as the view that the market has bottomed has gained weight. The famous CEO is of the opinion that the second half of the year will pass with a strong upward trend.

   "I think hodlers are holding steady. I think once real money realizes the market has bottomed out, it sees opportunity in the long run. Bullish stays put."

Bitcoin Pizza Day

When the calendar leaves showed May 22, 2010, Laszlo Hanyecz legitimized the use of cryptocurrencies by buying two pizzas for 10,000 BTC. Since then, every year on May 22 is celebrated as Bitcoin Pizza Day. Laszlo Hanyecz has also become one of the important names in the market, as it has made many people adopt Bitcoin.

Florida-based programmer Hanyecz became the first person to use Bitcoin in a commercial transaction after paying 10,000 BTC for two Papa John's pizzas on May 22, 2010. At the time of the purchase, Bitcoin was $41. 10,000 BTC today is equivalent to about $300 million today.

pizza btc

Besides fixing many vulnerabilities in the network's early stages, Hanyecz was the first developer to release Bitcoin code for Mac OS. Moreover, Hanyecz has also changed the Bitcoin mining landscape. Before application-specific integrated chips (ASICs), Bitcoin was mined using the CPU. The move to GPU mining was when Hanyecz developed a mining code for it. At the time, even Satoshi Nakamoto, who often exchanged a few messages with him, thought that introducing GPU mining was too advanced for Bitcoin's development.