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Bitcoin Is Pointless, Serial Entrepreneur Claims

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Mon, 27/11/2023 - 13:18
Bitcoin Is Pointless, Serial Entrepreneur Claims
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Serial entrepreneur Nick Huber recently sparked outrage in the cryptocurrency community with a straightforward post: "Bitcoin doesn't make any sense at all to me."

This blunt statement, which comes from a respected business figure, has ignited a flurry of responses within the cryptocurrency community.

Riling up crypto community 

Some members have pointed to Bitcoin's potential as a hedge against inflation and central bank policies. Others have questioned the depth of Huber's understanding of cryptocurrency. Some even targeted the entrepreneur with ad hominem attacks.  

The core of the debate centers on understanding what Bitcoin represents and its potential role in the global financial system.

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Crypto proponents argue that Bitcoin is a necessary response to what they see as reckless monetary policy and central bank money printing.

Crypto critics, however, point to the high volatility and speculative nature of Bitcoin and question its viability as a stable store of value or medium of exchange.

Reason behind Huber's bearishness 

Nick Huber, a Cornell University graduate, is a prominent figure in the entrepreneurial world known for his strategic moves in the real estate and start-up sectors. He first made headlines with Storage Squad, the company he nurtured and expanded across 25 college campuses. He eventually sold it for a seven-figure sum in early 2021.

This is not the first time that Huber has criticized the cryptocurrency community. In 2021, Huber humorously likened criticizing Bitcoin or Ethereum on X (Twitter) to revealing a superhero's weakness to fervent fans. 

In 2020, he revealed a more personal side of his cryptocurrency journey, admitting to being a Bitcoin bear out of jealousy. Huber disclosed that he had bought 30 Bitcoins at $200 each and sold them at $220, missing out on the substantial gains that followed.

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