Jim Rickards, an American lawyer, and a gold speculator, continues to stands against the idea of Bitcoin [BTC]. The lawyer recently made a bold statement on his Twitter handle on Bitcoin [BTC], stating that it only good for criminals; a similar ideology he’s had about the coin for a long time.
Rickards also stated that a digital currency, which is liquid and accepted by the majority mass, is the US Dollar. He said:
“We already have a widely accepted, liquid, and digital crypto-currency. It’s called the dollar. What you want is a distributed ledger, not another crypto-currency. Bitcoin fails every test of liquidity, ease of use, transparency. It’s good for criminals; that’s about it.”
The statement against the biggest cryptocurrency with over 53.7% dominance in the market, was made as an answer to a question asked by Twitterati, Riyad.
Riyad asked Rickards whether it was just Bitcoin [BTC] he saw no potential in or all the cryptocurrencies in the market. The Twitterati further added:
“[…] Struggle to see how once the technology develops a digital currency by a major central bank or otherwise becomes inevitable. Bringing with it Bitcoin as the internet’s gold equivalent.”
In a discussion with Modern Wall Street, Rickard had remarked Bitcoin as the biggest fraud among 1,600 cryptocurrencies, stating that it was mostly used by tax evaders and terrorists. He also claimed that the coin will be valued at $200 in the future. He went on to say that the cryptocurrency is a dead-end and it is neither scalable nor sustainable.
He even took a hit at Satoshi Nakamoto, the creator of Bitcoin, stating that he did not take the monetary economics into consideration while creating the coin.
Even back then, Rickards stood by his current beliefs, the dollar being a digital currency. He had justified that statement by saying that the whole Fedwire system is digital and that the message traffic is encrypted. Rickards added that the only missing factor of a dollar was that, unlike Bitcoin, it is not based on a digital distributed ledger. However, the lawyer had stated that the blockchain technology and some currencies have a future
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Source: AMBcrypto
Original Post: Bitcoin [BTC] fails every test of liquidity, ease of use, and transparency, says Jim Rickards
