Justin Bons emphasized that in the long term, Bitcoin is expected to collapse, as developers will want to increase the maximum permissible number of coins in circulation, which is currently 21 million.
“Bitcoin is no longer a free currency. The populace cannot use it directly, and it is no longer intended for that purpose. “Bitcoin has become a speculative toy for the rich, with no practical meaning or real value to human civilization,” Bones said.
He noted that Satochi Nakamoto’s idea to create a global digital peer-to-peer payment system that combines security and stability was deliberately distorted by greedy businessmen and companies.
According to expert forecasts, the mining industry will shrink to such an extent that a 51% attack on the Bitcoin network will become a reality. Because the block size limit was never increased as Nakamoto proposed, network throughput is still low. Programmers will have to carry out another hard fork, the analyst believes.
Earlier, economist and cryptocurrency skeptic Peter Schiff criticized the new administration of US President-elect Donald Trump for supporting Bitcoin, pointing out that it would weaken the United States economy.
Source: Bits
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