Founder of the oldest European cryptocurrency fund Cyber Capital Justin Bones call Bitcoin "a speculative toy for the rich."
BTC is no longer a free currency, it cannot be used directly by the masses and is no longer intended for that purpose. Bitcoin has become a purely speculative toy for the rich, with no practical significance or real value for human civilization, Bones said.
Bones predicts a collapse of BTC within the next four to 12 years and explains his gloomy forecast with the following factors:
- The developers want to increase the maximum number of coins in circulation, which is currently 21 million;
- The block size limit was not increased as proposed Satoshi , so the network throughput remains low;
- The Bitcoin mining industry will shrink to such an extent that attack 51% the network will become profitable;
- Programmers will be forced to conduct another hard fork of the BTC blockchain (similar to Bitcoin Cash).
Justin noted that he liked the idea. Satoshi Nakamoto created a digital peer-to-peer payment system that combined both reliability and stability. However, greedy people distorted the concept of the creator of Bitcoin and turned the cryptocurrency into a tool for earning super profits.