Bestselling author of Currency Wars, James Rickards, has called Bitcoin the biggest fraud in the history of humans.
He said few weeks back when Bitcoin rose above $8,000, people were thinking the bull has resurfaced until a “whale” sold a large portion of his BTC, causing the price to fall.
Bitcoin Owned By A Few
According to the bestselling author, less than 450 individuals a 20% share of the entire bitcoin market. He stressed that if these people decided to sell their shares of it, Bitcoin price fluctuate immediately, as it was noticed few days back.
“As Bitcoin proves in the horrific crash of 2017-2018, it may collapse like a house of cards,” he said.
He said Bitcoin as an asset, cannot offer the world anything more than speculation and the wide usage it receives among terrorists, scammers, gamblers, tax evaders. James furthered that BTC is unsustainable considering its power consumption level.
Bitcoin is Slow
He added that the Bitcoin’s slow transaction affirmed that it is not scalable and cannot be the future of currency. His other reason is that the present Bitcoin supply cannot be exceeded.
These among other things makes Bitcoin inherently deflationary and not suitable for credit creation –a true property of any monetary system, he posited.
Bitcoin Network is Susceptible to Hacking
James also stressed the fact that Bitcoin system is ridden with theft, bankruptcy, fraud and hacking of all forms.
He said even if Bitcoin go higher, there is high possibility it crashes again.
Bitcoin Has Nothing to Offer but JPMorgan Coin is the Future
James opined that even though Bitcoin does not have a future, cryptocurrency still have golden opportunities.
He said the emergence of JPMorgan’s payment tokens and IMF proposed world money are going to be of many advantages to the world.
The bestselling author finalised that IBM, Intel, JPMorgan Chase, Citi, Nvidia among others will benefit from these emerging cryptocurrencies.
Note: The article has been edited. Song Hongbing was erroneously mentioned as the source of the article, however, he’s not. We have edited the article to reflect the author’s name. Errors regreted.