“The cult of bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things.”
In his anti-bitcoin speel, The former financial technology CEO added that BTC’s value will continue to dwindle until it eventually hits the rock bottom aka zero. He stated
“We’ve got digital currencies. And we’ve got digital currencies that are more stable, more widely accepted and have intrinsic value. We’ve already got it — it’s called the dollar, the yen, you name it.”
Clearly stating his main concern about BTC, i.e Its slow transaction time, scaling challenges and volatility. Which according to him render the digital currency as a useless payment mechanism and a ridiculous store of value.
“There has to be something underpinning it. Bitcoin makes no revenue, no profitability.”
In 2017, BTC climbed more than 1,300 percent to nearly $20,000, in the first three months of 2018 it lost almost half its value. According to CoinDesk, on Tuesday, BTC dipped below $6,000for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST. Cryptocurrency enthusiasts and investors attribute this knockdown to Securities and Exchange Commission’s postponing the decision on the VanEck SolidX Bitcoin Trust ETF.
Read more: Pantera CEO says that Bitcoin Price Decline Is An Overreaction
Arshmeet Hora
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.
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