Another "banker specialist" predicting Bitcoin's death and the rise of the e-dollar
I was reading the article, here are his arguments:
“They are not a scalable means of payment: with bitcoin you can do five transactions per second while the Visa network does 24,000.”
Then there is the volatility, which can wipe out profits within hours and the fact that relying on cryptocurrency tokens marks a return to the Stone Age, a dig he’s made before. Invoking that “modern Stone Age” cartoon family, he said even the Flintstones “had a more sophisticated monetary system based on a benchmark” — shells.
Crypto, he says, is “only a play on a speculative asset bubble, worse than tulip-mania, as flowers had and still have utility. Its store of value against tail risks is unproven. And worse: some cryptos, dubbed “‘shitcoins,’ are financial scams in the first place or debased daily by their sponsor
I don't get these people. If this guy misinformed? He just throw away all old critics against bitcoin, but bitcoin survived all that criticism over the years.
He is still worried about tps, while we already have lightning network.
Bitcoin hold very well its store of value during the corona virus crisis, better than most developing countries currencies. While all governments world wide were printing money as an stimulus to help the economy,
Bitcoin was halving.
Just like Paul Krugman... Economists cannot predict the future,neither "specialists" nor "nobel prize winners"
