Cryptocurrency has been based on the promise thatit would replace part of our financial system », proclaimed John Oliver during a recent television appearance. ” In theory, they were supposed to be our next dollar, our next Bank of America, and our next stock exchange. “, but…
Bitcoin and cryptocurrencies, “it’s still a casino”
For Bill Gatescryptocurrencies would be assets based on the biggest fool theory. warren buffett believes that they represent a ” game token without any intrinsic value. Of all the qualifications attributed by the American billionaire to cryptos, the “ rat poison squared is the most famous.
The famous host of the Last Week Tonight series also spoke about cryptocurrencies lately. According to The Guardian, this crypto-skeptic compared these assets with a “ casino ».
In his eyes, the successive fiascos experienced by companies like Terraform Labs, Celsius, FTX and others, followed by arrests of crypto exchange bosses support his thesis.
” Every cryptocurrency is just an invention of a person with a laptop “, he argues.
Hence his boldness in qualifying cryptocurrencies as a “casino”.
” But we have to recognize that right now the main thing you can do with cryptocurrencies is to play with more cryptocurrencies. »
Did he knowingly turn a blind eye to the race for Bitcoin ATM facilities in Australia? Doesn’t he believe that the adoption of bitcoin as a means of payment could grow by 50% within two years?
No way to regulate
For some time now, elected officials of all nations and many well-known figures in the cryptosphere have been swearing by a cryptocurrency regulation.
For John William Oliver, this would amount to endorsing volatile and risky projects.
Note that during his speech, this famous comedian and winner of an Emmy Award spoke at length about the fall of empires like Terra, Celsius and FTX. In his opinion, these phenomena would put cryptocurrencies at risk.
” One in five Americans have invested in, traded or used cryptocurrencies, and many investors have seen their savings wiped out in the various crashes breathes Mr. Oliver.
Billions of dollars disappeared all at once. Millions of investors have seen their savings melt away in the space of a few days. It all stemmed from Sam Bankman-Fried’s greed, Do Kwon’s sweet talk, and Alex Mashinsky’s risk taking.
Unfortunately, John Oliver did not address the Ponzi scheme set up by traditional banks. Demonizing cryptocurrencies without taking a step back from traditional finance would handicap his analysis.
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