Bitcoin, the best crypto? The answer to this question would have been a resounding yes a few years ago. But since then, a lot has changed and opinions have become mixed to the point that for some, bitcoin is just the worst cryptocurrency.
What Justin Bons thinks about bitcoin
Bitcoin is the most popular crypto and the one with the highest market capitalization. However, according to Justin Bons, founder and chief investment officer of the Cyber Capital fund, this asset is “technically one of the worst cryptos”. For the expert, it would only be a purely speculative and useless asset. Its security model, its poorly programmable and non-scalable nature and its weak economic qualities are the arguments it used to support its position.
Having created one of the oldest cryptocurrency funds in Europe since 2016, Bons is certainly not unknown to the crypto community. He has also run nodes on the Bitcoin and Bitcoin Cash networks. We can therefore say that he knows what he is talking about. And while he championed bitcoin in 2014, he claimed that is no longer the case. For him, bitcoin has strayed from its original vision and goals, and failed to progress and evolve compared to its competitors. In this regard, here is what he says:
” The world has also evolved and progressed. I remember it used to be said that BTC would just adopt the best technologies. This thesis has obviously completely failed since BTC has no smart contracts, privacy technologies or scaling breakthroughs. »
And he continues: The economic qualities of BTC are also incredibly weak, BTC competes with cryptocurrencies that can achieve negative inflation due to fee burning, high capacity and high utility like post-merger ETH and alternatives like AVAX , NEAR and EGLD. »
For all these reasons, Bons firmly believes that bitcoin is just a speculative asset.
Bitcoin is said to be one of the worst cryptocurrencies. This is a statement that has enough to upset more than one! And yet it does not lack relevance if we consider the various arguments raised by its author. Besides, Bons is not the only one to think so…
Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Tremplin.io!