Got Any FUD? Bitcoin Naysayers’ New Critiques Sound Increasingly Desperate
The latest public dissent about Bitcoin includes lack of government support and the fact that altcoins exist.
Two new ‘warnings’ from a banker and mainstream media show Bitcoin’s detractors are running out of ways to FUD the cryptocurrency.
As JPMorgan’s senior faces cement their position calling Bitcoin both a “fraud” and “like air miles,” their voices appear to be increasingly unheard, as major global corporations become broadly more bullish on its future.
But that has not stopped everyone. Speaking at a Swiss Finance Institute conference, UBS bank chairman Axel Weber said he remained “skeptical” on crypto.
“I get often asked why I'm so sceptical about Bitcoin, it probably comes from my background as a central banker,” he said in a curiously obvious response.
The lack of thought in pseudo-criticism of non-fiat currencies was even more apparent in a piece by India’s Economic Times Wednesday, which detailed “7 reasons to stay away from cryptocurrencies like Bitcoin.”
Unfortunately, the seven reasons were in fact only four, with the publication repeating the fact that Bitcoin is not backed by central governments three times.
“Cryptocurrency is a decentralized paperless currency, not regulated by government or banks,” the first “reason” states.
The fifth continues: “None of these [cryptocurrencies] are backed by any government,” while the sixth even more ironically decides that crypto markets “lack a transparent support system.”
The fact that Bitcoin is not the only cryptocurrency, but that altcoins exist, is also a reason to avoid it, Economic Times says.