'Bitcoin Isn't Money and Never Will Be,' Says Block.one CEO Brendan Blumer

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Wed, 02/19/2020 - 19:20
Alex Dovbnya
Brendan Blumer, the CEO of Block.one, believes that Bitcoin poses an existential threat to gold but it will never be used as actual money
Cover image via U.Today
Contents

In response to Peter Schiff's acrimonious tweet, Brendan Blumer, the CEO of EOS developer Block.one, noted that Bitcoin (BTC) will never be used as money. However, the cryptocurrency that started it all could eventually overtake gold within the next two decades.

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Bitcoin will not replace fiat

Blumer seems convinced that Bitcoin will not be able to replace fiat currencies as a medium of exchange. It's much easier to use them for spending since they are tax optimized. Despite the gradual adoption of the Lightning Network, BTC still faces scalability issues — it is way too slow and expensive for an average consumer. 

Another problem is that Bitcoin holders simply don't want to spend their crypto riches anytime soon since they believe that they will significantly appreciate in the future.   

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Doom and gloom 

After calling Bitcoin a 'pyramid scheme,' Schiff, a stubborn crypto bear, recently shares his grim prediction about the forthcoming May halving. The gold bug predicts that this event will result in an immense sell-off.   

As reported by U.Today, Bloomberg also predicted that this halving could lead to a big bear market due to mass disillusionment.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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