Analyst: Bitcoin's value lies only in artificial scarcity and criminal applications

Analyst: Bitcoin's value lies only in artificial scarcity and criminal applications

A Forbes columnist believes that the value of Bitcoin lies solely in its illegal uses.

In his article published yesterday, Jason Bloomberg, president of the analytics firm that calls itself “the first and only industry analytics and consulting firm focused on rapid digital transformation,” revealed a “chilling truth” that we must face.

Bloomberg mentioned the IRS's tax collection of Coinbase and Bitcoin's use in ransomware in the article. He said, "Bitcoin has almost no underlying value other than its artificial scarcity or its function as a speculative medium."

He added:

On the contrary - Bitcoin has value to some people because it is a medium of exchange for criminals. If we could eliminate illegal uses of Bitcoin with the click of a button, the internet of money would be worthless.

Bloomberg used the examples of the IRS and Coinbase to prove his point about the world’s most famous cryptocurrency. Bitcoin will become a valid payment method in Japan this Saturday after the country’s lawmakers recognized the digital currency as having the same properties as the yen.

This article contains several arguments from the analyst, but its main point is that "Bitcoin's tax avoidance function is tantamount to digging its own grave."

The IRS subpoena is the latest development in a years-long crackdown on criminals who use Bitcoin to conduct a variety of illegal activities.

In the United States, most Bitcoin traders are breaking the law.

Bloomberg asked a question about “law-abiding citizens who pay their taxes on time” who might also be interested in Bitcoin:

Will the criminal use of this network currency have a negative impact on its other use cases, such as blood diamonds (the high profits and funds generated by the sale of diamonds are then invested in anti-government armed conflicts)?

<<:  BitOasis opens credit card bitcoin purchase service to five countries in the Middle East

>>:  Central Bank: The Central Bank's innovation platform will be led by digital currency exploration

Recommend

Are people with dimples necessarily blessed?

Many people think that having dimples on the face...

What influence do moles on the belly have on our lives?

People with moles on their belly buttons have goo...

Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-25)

It is difficult for multiple parties to calm down...

Why should we look at the wisdom line on the left side of a man's palm?

Why do we need to look at the wisdom line on the ...

The length of your fingers reveals your financial management skills

The length of your fingers reveals your financial...

Know when you will have good fortune by looking at your face

Click here to enter the holy product for attracti...

How to read the brow bone analysis

The brow bone refers to the bone on the eyebrows,...

Performance of major global assets after US rate cut

“When the dollar dies, everything lives.” On Sept...

Are women with light-colored lips more dominant?

It is not good for a woman to be too weak, becaus...

Eyebrows and Face: What does white eyebrows mean in face reading?

In physiognomy, eyebrows are called the "Pal...