Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

It’s Official – SEC Chairman Gary Gensler Resigns! Here is the Last Statement from SEC

SEC Chairman Gary Gensler, known for his extremely negative attitude towards the cryptocurrency world, has officially resigned.

Bitcoinsistemi2025/01/20 21:00

LIVE updates from Donald Trump’s Inauguration! Here’s All You Need to Know, Minus All Unnecessary Details

We will be sharing all the necessary details from the inauguration ceremony of Donald Trump, who will go down in history as the first cryptocurrency-friendly President of the United States.

Bitcoinsistemi2025/01/20 21:00

Analytics Company Reveals Forecast of Possible Local Peak in Bitcoin Price: “If This Level Is Breached, It Would Be Great News For Bulls”

Cryptocurrency analysis company Alphractal shared a local peak forecast for the Bitcoin price in its statement.

Bitcoinsistemi2025/01/20 21:00