Meltem Demirors: bitcoin is not a shiny bullion

CoinShares Chief Strategy Officer Meltem Demirors said bitcoin should not be compared to gold, as the two assets have nothing in common.

Demirors recently joined the board of directors of the non-profit Stacks Foundation, which is developing the Stacks network, formerly known as Blockstack. The Stacks network is designed to transfer various decentralized applications (dApps) and smart contracts from Ethereum to Bitcoin. Demirors stated that Stacks will help unleash the full potential of the Bitcoin blockchain, on the basis of which existing dApps can work and new ones can be created. It is for this reason that Bitcoin should not be called “digital gold”.

“Gold is a shiny stone, which is not the case with Bitcoin. Bitcoin is not a stone. All we do with gold today is stuff the bullion into the vault. Bitcoin is not about hiding it there. You can do a lot of research with it and learn how to best use its capabilities, ”said Demirors.

She added that there is a lot of work to be done to dispel stereotypes about Bitcoin. Many believe that the concept of Bitcoin can no longer be changed, that there is no room for innovation, unlike the Ethereum protocol. This view is wrong and needs to be changed, which is where Stacks can help. Demirors said the Stacks board members will focus on developing and implementing a strategy to enable developers to create smart contracts, decentralized applications, and non-fungible tokens (NFTs) in the Bitcoin ecosystem.

Many bitcoin-backed coins are Ethereum-based. What has really not happened yet is attempts to bring Ethereum functionality and ease of programming to Bitcoin. According to Demirors, it is necessary to develop in this direction, since recently the demand for bitcoin has been growing, and there is also a great interest in dApps and NFTs.

Demirors previously stated that adoption of bitcoin by institutional investors “will not benefit society.” If this crypto asset is stored in regulated services, it will change the nature of bitcoin.

You may also like