Cyber Capital founder calls Bitcoin ‘one of the worst cryptocurrencies’

Due to the absence of technological progress, Bitcoin is ‘an exclusively speculative asset without utility’. This was stated by Justin Bons, founder and Chief Investment Officer of Cyber Capital.

1/11) BTC is unique in that it is technically one of the worst cryptocurrencies

It has a broken long-term security model

It lacks capacity, programmability & composability

With comparatively weak economic qualities

BTC is, in fact, a purely speculative asset without utility

— Justin Bons (@Justin_Bons) August 28, 2022

According to the expert, Bitcoin’s value proposition has deteriorated due to a broken long-term security model, relatively weak economic properties, low throughput, and a lack of programmability and composability.

Bons vigorously defended Bitcoin, but changed his view due to the community’s refusal to raise the block size limit. “This has become a serious deviation from Bitcoin’s original vision and goal,” he added.

Bitcoin’s economic properties are also incredibly weak. … It competes with cryptocurrencies that can achieve negative inflation […], high throughput and usefulness […], such as ETH afterthe Merge, and alternatives like AVAX, NEAR and EGLD,

— he said.

As a result, Bitcoin has come to be perceived by many as an asset in which people invest ‘despite fundamentals relating to yield, usefulness and analysis of use cases,’ the expert noted.

“Most people invest in the first cryptocurrency mainly because they believe the price will rise. They operate on the same principle as Ponzi scheme participants,” Bons explained.

In June, a similar pyramid comparison was made by Red Date Technology’s CEO and BSN co-founder He Yifan.

Earlier, Genesis Trading’s head of derivatives, Joshua Lim, named three reasons for Bitcoin’s weak momentum recently.

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