Justin Bons, founder and chief investment officer, Cyber Capital, a cryptocurrency-oriented fund, has made the statement on Bitcoin (BTC) being one of the worst cryptocurrencies and a speculative asset lacking in utility with regard to other cryptocurrencies in terms of technological progress, as reported by Cointelegraph.
According to Cointelegraph, Bons through an 11-part Twitter thread, stated that Bitcoin and BTC’s value proposition has went down due to factors pertaining to a long-term security model, economic qualities and capacity, programmability and composability. Reportedly, Bons has been an outspoken figure in the cryptocurrency community, with him running nodes on the Bitcoin and Bitcoin Cash networks. While Bons defended BTC prospects in 2014, he said that the reality has changed now. “The world has also moved on. I remember it used to be said that BTC would just adopt the best technologies. This thesis has obviously completely failed as BTC has no smart contracts, privacy tech or scaling breakthroughs,” he added. However, Bons didn’t speak on the Bitcoin Lighting Network which is considered to be a problem with the network’s scaling.
On the basis of information by Cointelegraph, Bon argued on the point that BTC has become a speculative asset, with investors investing in it contrary to reasons such as revenue, utility and use case analysis. In June, 2022, Chair of China’s Blockchain Service Network (BSN) Yifan accused Bitcoin of being a Ponzi scheme. Moreover, former United States treasurer and current Ripple Board member Rosa Rios said that Bitcoin is a speculative tool in comparison to other digital assets such as XRP, which is used in cross-border payments.
Moreover, Cointelegraph noted that Bitcoin was originally designed as an electronic peer-to-peer cash system. Bitcoin, created by Satoshi Nakamoto, tried to address that speculation regarding its value as an investment is considered a by-product of its main need.
(With insights from Cointelegraph)
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