Block.One CEO Disputes’ Bitcoin is Money’ Claims on Social Media

News / 20.02.2020

Several perspectives on the role of Bitcoin continue to render many at loggerheads. The joint founder and CEO of Block.One, Brendan Blumer, expressed his thoughts concerning Bitcoin on Twitter.

Blummer said the world’s largest cryptocurrency is not money and is in no way ever going to be. Responding to a tweet written by Peter Schiff, he added that Bitcoin is the immediate gold generation. He continued to say the purpose of the cryptocurrency is not to get used as everyday money; it is mainly an investment tool.

Before now, Peter Schiff, known for criticizing Bitcoin, aired his view in a tweet stating the cryptocurrency is a pyramid scheme that is not suitable for being mentioned within talks involving investment plans. After being an outspoken critic of BTC several times, he yielded this month by admitting it can be useful to make money but should not get seen as money.

Schiff has been vocal on his views on the shortcomings of Bitcoin that include how much it comes out short as a medium of exchange.

In Brendon Blumer’s response to Peter Schiff, Bitcoin will surpass gold in aggregate value in the foreseeable future.

This year’s BTC performance 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 the short-term forecast, Bitcoin remains quite bullish, and its price could soon trade over $10k.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.