Cyber Capital’s founder Justin Bons in a statement said that Bitcoin is speculative assets lacking in utility and one of the worst cryptocurrencies in terms of technological progress.
In a 11-part Twitter thread, Bons said that Bitcoin and BTC’ value proposition has dropped because of factors related to a long-term security model, economic qualities and capacity, composability and programmability. In the crypto community, Bons is known for his strong opinions. He has run nodes on the Bitcoin and Bitcoin Cash networks. In 2014, Bons protected BTC prospects in 2014 but now he believes the reality has changed now.
Bons went to say that the world has progressed. It was believed that BTC would adopt the best technologies. However, the theory has failed completely. BTC has had no scaling breakthroughs, smart contracts or privacy tech. Bons didn’t comment on the Bitcoin Lightning Network which is one of the challenges associated with the network’s scalability.
Though Bon agrees that BTC has turned into a speculative asset, with investors investing in it contrary to reasons such as revenue, utility and use-case analysis. Yifan, Chair of China’s Blockchain Service Network (BSN) in June 2022 called Bitcoin a Ponzi scheme. Rosa Rios, former United States treasurer and current Ripple board member, said Bitcoin is a speculative tool as compared to other digital assets such as XRP used in cross-border payments.
Initially, Bitcoin was created as an electronic peer-to-peer cash system. Satoshi Nakamoto has stated that Bitcoin as an investment is an additional use-case of its main need.
At the time of writing, the price of Bitcoin was trading at $20,397.03, which rose by 2.86% in the last 24 hours. The top altcoin, Ethereum, stood at $1,577.93, a 8.49% rise in the past 24 hours. Meanwhile the crypto market ended on a bearish note in the third quarter of August. The global crypto market reached its lowest point in August.
Source: https://www.thecoinrepublic.com/2022/08/30/cyber-capitals-justin-bons-tells-why-bitcoin-lacks-utility/