Bitcoin’s Real Economic Value Has No Roots, Technology Is Valueless Says Coriolis CEO
Bitcoin (BTC) Has No Roots In The Real Economy And Its Technology Is Valueless, Prominent Economist Affirms
Bitcoin is facing a hard time, so surely some people are just waiting to kick it. The one kicking it now is Rebecca Harding, the Chief Executive Officer of Coriolis Technologies.
In case you’ve been living in Mars for the past few weeks or you do not care about the blockchain and crypto market at all and you got here on a bad Google search, let me explain to you: Bitcoin has crashed. Again. It has actually crashed for like the third time this year. So when it broke the $4,000 USD barrier, people started to talk.
We got a lot of Bitcoin bulls that will affirm that Bitcoin will be worth $100,000 USD in two years, doomsayers and more level-headed people that have sensible opinions. Rebecca Harding is not one of these people. The CEO of Coriolis Technologies have recently talked about how the whole crypto market was able to lose over $700 billion USD in a chain reaction of prices going down.
The discussion was made in a recent CNBC panel and it was pointed out that investors mostly panicked because the price just kept dropping and it all took a nose dive after that. Technical selling, psychological reasons and the U. S. Securities and Exchange Commissions (SEC) commenting against cryptos may have influenced in the decision.
While Harding is far from a Bitcoin hater, she has used tough words to describe the situation, telling that the Bitcoin technology is very interesting but the problem is that the technology is simply something that lacks a sustainable value at all.
According to the CEO, the forking between the hardware and the software of Bitcoin has caused troubles for the token and that this is something that is utterly hard to solve.
She does not see Bitcoin and the crypto industry as a whole as something rooted in the real economy and described the “wonder of technology” as the demise of the technology because the value is too linked to the sentiment of the investors and, if the sentiment slips, so does the value. The lack of roots in the real economy is, according to the economist, the cause of most of the problems in the industry.
Is she right? The main divide would be on whether the technology is valuable or not. Crypto evangelists would say that it is while other people would not be as positive about it. Only time will tell.