Bitcoin a Cult or a Cryptocurrency Built on a Technology with a Spectacular Future?

Bitcoin a Cult or a Cryptocurrency Built on a Technology with a Spectacular Future?

Bill Harris, the ex-CEO of PayPal, who had earlier said that Bitcoin is “the greatest scam in history,” opened his segment on CNBC Fast Money by calling the community surrounding cryptocurrencies a “cult.”

Continuing with his hatred for Bitcoin (BTC) he started slamming down the features of Bitcoin which make up the essence of the cryptocurrency. Adding to his opinion, he said:

“The ‘cult’ of Bitcoin make many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful. It is none of those things.”

While the cryptocurrency market has gained some steam recently, there are still people who believe that cryptocurrencies are a scam. Some people even challenge the legitimacy of cryptocurrencies by saying that even though the technology has been around for nine years, it still isn’t accepted globally. They don’t realize that even the internet couldn’t gain global acceptance in nine years. Some people happen to be the former CEO of an Internet-centric company which makes it weirder to hear from them about the inability for the technology to gain global acceptance.

Bitcoin has quickly become one of the safest and most secure networks in the entire world. One of the primary calling cards for the network is the immutability through decentralization. It is worth noting that the network is pretty scalable. Rapid progress is being made on a daily basis on the Lighting Network, which, when done, would bring a lot of scalability to the network.

Free, instantaneous, and efficient transactions would follow closely as these scalability solutions hit the market, enabling merchants, individuals, and corporations utilize the cryptocurrency more than ever.

Clearly, the formal PayPal CEO’s criticisms are wrong as he forgot to point out the fact that Bitcoin is decentralized, facilitating immutable, uncensorable, and cross-border transactions. This fact alone makes it safer than any legacy payments system available in the market.

When Brian Kelly, the in-house crypto analyst for CNBC and founder of the crypto-centric BKCM fund, pointed this fact out to Harris, he simply went ahead and bashed the nascent asset class, not considering anything Kelly said.

Also Read: Hyperinflation in Venezuela, Jamie Dimon Bashes: HODL Bitcoin (BTC)?

While there are people like Harris who question Bitcoin and the blockchain technology, there are people like James Rogers who talk about the spectacular future for the technology.

In the 7th episode of the Goldnomics Podcast, while being interviewed by GoldCore’s Director of Research, Mark O’Byrne, the “Adventure Capitalist” stated his opinions about the future of Bitcoin and blockchain which were quite different from the opinions of Harris. He said:

“Whether we like it or not, Bitcoin and most other cryptocurrencies may not survive into the future because government have the guns and government don’t like losing control.”

Optimistic about the future of blockchain, he said:

“Blockchain is one of the most important things going on in the world today. Blockchain will change everything we know. I don’t suspect any cryptocurrencies will survive, probably all of them gonna disappear. But blockchain has a spectacular future. I wish I could find a good way to invest.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.