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The founder of the fund called Bitcoin a speculative toy for the rich

The founder of the fund called Bitcoin a speculative toy for the rich

HappyCoinNewsHappyCoinNews2024/11/26 22:33
By:HappyCoinNews

Founder of the oldest European cryptocurrency fund Cyber ​​Capital Justin Bones call Bitcoin "a speculative toy for the rich."

BTC is no longer a free currency, it cannot be used directly by the masses and is no longer intended for that purpose. Bitcoin has become a purely speculative toy for the rich, with no practical significance or real value for human civilization, Bones said.

The founder of the fund called Bitcoin a speculative toy for the rich image 0

Justin Bones

Bones predicts a collapse of BTC within the next four to 12 years and explains his gloomy forecast with the following factors:

  • The developers want to increase the maximum number of coins in circulation, which is currently 21 million;
  • The block size limit was not increased as proposed Satoshi , so the network throughput remains low;
  • The Bitcoin mining industry will shrink to such an extent that attack 51% the network will become profitable;
  • Programmers will be forced to conduct another hard fork of the BTC blockchain (similar to Bitcoin Cash).

Justin noted that he liked the idea. Satoshi Nakamoto created a digital peer-to-peer payment system that combined both reliability and stability. However, greedy people distorted the concept of the creator of Bitcoin and turned the cryptocurrency into a tool for earning super profits.

EN @happycoinnews
EN @happycoinnews_en
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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