The chief strategist of the Canadian financial research firm BCA Research, Peter Berezin, has predicted a possible demise of bitcoin, a currency that, in his opinion, “has no intrinsic value”, its only value being “the perception that others they will find it valuable. “
In a interview with Kitco News, the economist has cited, in particular, the environmental concerns, recalling that bitcoin mining “consumes more energy than is consumed by Pakistan and its 120 million inhabitants.”
If these environmental concerns are joined with others – such as the fact that “the entire ransomware industry would not exist without bitcoin” – and if all that “leads to greater scrutiny, greater regulation,” then the Cryptocurrency “will just disappear, and its store of value will disappear as well,” Berezin said.
A “fraud”
On the other hand, the strategist emphasized that the legal use cases of bitcoin have not grown, but have even decreased in recent years, making the cryptocurrency more likely to be a “fraud” than the future of a legitimate investment. .
“If you look at the transactions involving bitcoin, to this day, most continue financing all kinds of illicit activities“Berezin stressed.” But if you look at the amount of bitcoin that is used for legitimate business purposes, the answer is very, very small, “he lamented.
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