We all know the saying – there are two sides to every coin (pun intended). This time we are going to talk about people who are not that enthusiastic about crypto and try to understand what is the reason behind it.
The current president of the United States, Donald Trump, sure likes to express his opinion about cryptocurrencies. We have all heard his famous statement – “cryptocurrencies are not money”. Although Bitcoin has merited most of his criticism, the rising trend during his crypto roasts has been – you guessed it – Libra. According to his statements, if Facebook wants to become a “bank”, they have to seek an appropriate license. That is hardly Facebook’s plan and Trump’s history of bickering with the social media giant goes way back. Zuckerberg & Co have previously earned Trump’s harsh opinions regarding banning right-wing figureheads.
Trump’s favorite medium for publishing crypto-related disapproval is Twitter. His go-to statement is to combine crypto with illegal activities. However, it doesn’t come as a surprise that his statements lack logical arguments. We’ll leave it up to you to decide how reliable his opinion is, considering he ended his Twitter crypto saga with the usual majestic words: “The US dollar is by far the most dominant currency anywhere in the World, and it will always stay that way.”
Bill Harris is the former CEO of Paypal, an online payment system and he shares no expense when publishing outright insults towards crypto and everyone who owns it. He is probably the most brutal out of all the critics. Bill Harris has knows how to use clickbait – he likes to title his statements about crypto by using words like scam, cult, bubble and scheme. However, the titles don’t follow concrete statements.
He recently claimed that Bitcoin’s value will continue to drop until it reaches zero. Checking the factual correctness of this statement doesn’t require in-depth crypto knowledge. Could it be, that the former CEO of PayPal and Intuit is making these statements out of worry for the survival chances of his own domain?
Nouriel Roubini is an American economist who REALLY doesn’t like crypto. His opinions on many topics have given him the nickname Dr Doom and the crypto world can confirm this. He often throws shade at Bitcoin being overhyped but his fame among the critics has sprouted from the poetic way he does it. One of his latest masterpiece was claiming Bitcoin to end up in the “museum of failed coins”.
He also doesn’t like Libra. Or Blockchain or anything related to DLT. In fact, his critique of the industry goes as far as to say that “public decentralized trustless blockchain is a pipe dream”. It is quite usual to see that influencers from the traditional finance and investments segment are critical towards crypto – be it out of fear of losing their sweet spot, anxiety towards change or general concerns, but Blockchain is usually left in the clear. However, Roubini’s case is different and his judgement on the industry seems to have no end. The appropriate quote for concluding his story is “Blockchain is no better than an Excel spreadsheet”. Now that’s something to chew on.
What is your opinion about crypto and the mentioned crypto opponents? Haters gonna hate? If you’re unsure, you can get better informed on the topic by learning more about crypto. Take a look at our demo platform. It’s accessible without having to sign up. If you like it, you can always sign up, go through KYC and get 20 XCM after completing your first crypto-fiat trade! Contact our support team in case you have further questions.