Bitcoin and the whole crypto market are very popular right now but they are far from being liked by everybody. While discussions are always healthy for every market, they tend to be very fierce in the Bitcoin market and Nouriel Roubini, known as the Dr. Doom after predicting the 2008 financial crisis is one of the fiercest detractors of Bitcoin right now.
Calling it the “mother of all scams and bubbles”, the professor of the New York University’s Stern School of Business, is a known enemy of the coin that names our blog.
Now, Jan-Willem Burgers, the technology lead of Capgemini’s Distributed Ledger Practice, has published an op-ed article on Nasdaq.com in which he argues with Roubini’s issues with the currency. Are his points any good? Read our article to find out.
Burgers Believe That The World Will Still Value Bitcoin
While the main argument that Roubini has is that Bitcoin is not money and cannot be used as if it was, Burgers affirms that it can, indeed, be used as a mens of payment and store of value because there is a hard guarantee that Bitcoin will continue to be scarce and it is easier to manage and transport than gold.
His argument is like a very popular point that Bitcoin can be digital gold and that this will happen as soon as people start to notice this potential. Another point that is highlighted by the man is that Bitcoin has already shown resilience against attack attempts, which were a lot in recent years. All this would turn the token into something that could become interesting
Another point that Burgers uses to defend Bitcoin is that you cannot confiscate the assets, which gives it a unique characteristic. This way, the government can never confiscate your assets, which makes it more secure.
With its decentralization, Burgers affirm that Bitcoin will be resilient to the centralization issues that Roubini affirmed that the market has. That is a good point, as Bitcoin is considerably more decentralized than most altcoins in the market, which are heavily focused on the developers and their companies or foundations.
Burgers also use Bitcoin Cash as the example of a failed experiment created by a minority that went against the will of the majority. Because of this, he defends the decentralization as a way to enact some democracy in the system. However, he does not like the idea of everything being decentralized as he disliked thinking about making his medical data and personal information public.
At the end of the day, Burgers’ main argument is that the world does not know all the wonders of Bitcoin yet and that they will fall in the love with all the possibilities as soon as they know it. He clearly has a more positive view and knows that people will see his side in the future.
It’s hard to say, actually. While Bitcoin is more than just a scam and Burgers make an effort to prove it, it certainly has issues. If Bitcoin was the perfect investment it would already be digital gold, not only the digital gold of a future that never comes.
As he was very focused in defending the token rather than being critical about and having a fair opinion, Burgers actually misses the chance to give a fair look at Bitcoin and understand that it has to get better.
The Lightning Network, for instance, is still far away from what was promised and scalability is still an issue. Bitcoin can certainly be a lot more than what Roubini preaches, but it needs help because people will not fall in love with it magically.