Bitcoin is Not Money, Says the CEO of Block.One
According to him, the world’s largest cryptocurrency is not money and never will be. He responded to a tweet written by Peter Schiff, noting that Bitcoin is the immediate generation of gold. He continued that the cryptocurrency is not supposed to be utilized as everyday money and is an investment tool.
Before now, Peter Schiff known for criticizing Bitcoin, noted in a tweet that the cryptocurrency is a pyramid scheme and does not have a position in any investment portfolio. After bashing Bitcoin several times, he conceded this month in a tweet that it is usable to make money, but not usable as money.
In Brendon Blumer’s response to Peter Schiff, Bitcoin will take over gold in aggregate value in the coming two decades.
#Bitcoin isn’t money and never will be – its the next generation of #gold and will overtake it in aggregate value the next two decades. Local currencies are made for spending and are tax optimized for it. Do you spend your gold at the supermarket? Your equities?
— Brendan Blumer (@BrendanBlumer) February 19, 2020
The performance of Bitcoin so far this year has been decent as its price surged past $10k earlier this month. However, it could not sustain the uptrend as its price declined from the $10k level on Thursday.
At press time, the price of Bitcoin was just over $9.5k. Based on short-term forecast, Bitcoin remains quite bullish, and its price could soon trade over $10k.
Featured image courtesy of CoinDesk. Source: Cryptopress.