From as far back as 2010 when Bitcoin, fondly termed “father of all cryptocurrency” was launched, the technology has been greeted with massive criticism from the general public. The transparency of Bitcoin has consistently been questioned by several top digital technology firms.
In fact, earlier in 2018 Google and Facebook had independently placed a ban on cryptocurrency advertisement owning to the fact that cryptocurrencies are yet to be regulated. Although both bans have been terminated, Microsoft’s search engine Bing, the world’s second largest search engine declared its intentions to ban crypto ads.
In the midst of these public disagreement, two of the world most successful Economists have both maintained strong opinions in opposition of the legitimacy of cryptocurrency. Both individuals have dismissed any possibility of cryptocurrency having any real impact in the world of financial technology.
Warren Buffet ; Cryptocurrency has no Intrinsic Value
The 88 year old investor, owner of Berkshire Hathaway who is also currently ranked as the 3rd richest man in the world has made clear his disbelief in Bitcoin, for the some reason that the technology lacks an input and output system ; a pattern which he upholds as the basis of a an actual investment.
Buffet explained that cryptocurrency investors deals in speculation as the expected profit is dependent on the possibility that another investor might come along. “It has no intrinsic value” says Buffet. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,”
Nouriel Roubini ; Decentralization of Cryptocurrency is Largely a Myth
The renowned Economist has been on a continuous rant over the centralization of cryptocurrency, explaining the crypto developers are only interested in amassing wealth for themselves by pumping and dumping crypto tokens. ZyCrypto earlier reported that Nouriel had engaged in an open debate on Twitter with ethereum founder, Vitalik Buterin. Nouriel had accused Buterin of being a dictator.
Although the 24 year old developer had denounced the allegations, Nouriel still stands by his convictions that “decentralization of cryptocurrency is largely a myth”.
Other Elites Who are Believers of Cryptocurrency
While cryptocurrency struggles for validation on one end, there seems to be a remarkable light at the end of the other spectrum. With the likes of Steve Wozniak investing in cryptocurrency startups, it is safe to say that the elite pioneers are also increasing in their numbers.
The Apple Inc co-founder who has shown himself to be a strong believer of Bitcoin had made a comment earlier in January in an interview with CNBC, saying that “Bitcoin was a better store for value than gold or the United States Dollars”.
