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Opinion: Bitcoin is a currency of mistrust

According to the Israeli philosopher, author of the best-selling book Sapiens, finance should create trust in society, and not destroy it. While Bitcoin does just the opposite.

Yuval Noah Harari said that investors' choice of Bitcoin is based on a progressive distrust of traditional social and financial institutions. There is still hope that civilization can find a way to create institutions that will be worthy of everyone's trust – instead of developing technologies that are oriented towards the opposite:

“Bitcoin is a currency of mistrust, and I echo what BTC fans themselves say. There may be good reasons to distrust the banks and governments that create dollars, yen and other currencies – but this does not change the fact that preference for Bitcoin is based on a distrust of institutions.”

In response, MicroStrategy co-founder Michael Saylor noted that trustworthy institutions have already been created, and they are called Bitcoin technologies. A similar point of view was expressed by Samson Mo, CEO of JAN3, who drew the Israeli philosopher’s attention to the fact that only the first cryptocurrency provides trust at all levels of the financial digital system.

Previously, financial expert and proponent of investing in gold, Peter Schiff, declared Bitcoin a “dead cryptocurrency.”

Source: Cryptocurrency

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