Eleven years after Bitcoin’s creation, major financial institutions STILL dismiss it based on outdated arguments:
“bitcoin is too volatile”
“bitcoin is a bubble”
“bitcoin is for criminals”
“bitcoin is wasteful”
Here's why they have it wrong:
ark-invest.com/analyst-resear…
“bitcoin is too volatile”
“bitcoin is a bubble”
“bitcoin is for criminals”
“bitcoin is wasteful”
Here's why they have it wrong:
ark-invest.com/analyst-resear…
Claim: bitcoin is too volatile
Counter-Claim: bitcoin’s volatility highlights the credibility of its monetary policy
Bitcoin's price is a function of demand relative to its scarce supply. In contrast to modern central banking, it does not prioritize exchange rate stability.
Counter-Claim: bitcoin’s volatility highlights the credibility of its monetary policy
Bitcoin's price is a function of demand relative to its scarce supply. In contrast to modern central banking, it does not prioritize exchange rate stability.
Claim: bitcoin will lose value to ‘forks’ & digital copies
Counter-Claim: bitcoin’s value cannot be replicated by software alone
Forking the Bitcoin network does not create new bitcoin units, much like inflating the Venezuelan bolivar does not add dollars to the US monetary base
Counter-Claim: bitcoin’s value cannot be replicated by software alone
Forking the Bitcoin network does not create new bitcoin units, much like inflating the Venezuelan bolivar does not add dollars to the US monetary base
Claim: bitcoin is in a bubble
Counter-Claim: bitcoin is a contender for the role of global money
Bitcoin possesses a range of monetary characteristics that confer superior utility to gold, driving demand and deeming it suitable, if not superior, for the role of global money
Counter-Claim: bitcoin is a contender for the role of global money
Bitcoin possesses a range of monetary characteristics that confer superior utility to gold, driving demand and deeming it suitable, if not superior, for the role of global money
Claim: Bitcoin wastes energy
Counter-Claim: Bitcoin’s energy consumption is efficient
Bitcoin's energy consumption is not only an intended tradeoff but a fundamental feature. As measured by electricity costs, Bitcoin is more efficient than traditional banking & gold mining.
Counter-Claim: Bitcoin’s energy consumption is efficient
Bitcoin's energy consumption is not only an intended tradeoff but a fundamental feature. As measured by electricity costs, Bitcoin is more efficient than traditional banking & gold mining.
Claim: Bitcoin is for criminals
Counter-Claim: Bitcoin is censorship-resistant
To criticize Bitcoin for facilitating criminal activity is to criticize one of its fundamental value propositions: censorship-resistance.
As a neutral technology, Bitcoin cannot identify “criminals”
Counter-Claim: Bitcoin is censorship-resistant
To criticize Bitcoin for facilitating criminal activity is to criticize one of its fundamental value propositions: censorship-resistance.
As a neutral technology, Bitcoin cannot identify “criminals”
Constructive criticism of Bitcoin should be encouraged. Lazy criticism should not be.
Financial institutions will do well to start taking Bitcoin seriously (cc @GoldmanSachs)
Financial institutions will do well to start taking Bitcoin seriously (cc @GoldmanSachs)
