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May 18, 2021
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Bitcoin

UBS chief economist attacks Bitcoin –

Paul Donovan, chief economist at UBS, Switzerland’s largest bank, again he said on BTC. He said that access to Bitcoin is difficult for people who “Who have limited access to the network”.

UBS’s chief economist sees many problems with Bitcoin

Paul Donovan, chief economist at UBS Global Wealth Management, published a report entitled “Does Bitcoin oppose the Zeitgeist [duchowi epoki]? ” He presented a number of problems related to cryptocurrency.

There is something strange about Bitcoin. Bitcoin seems to defy the spirit of the era in particular, in a way that other cryptocurrencies do not

– he began, adding later:

Some have suggested that Bitcoin is a safe haven against uncontrolled inflation. But controlling supply doesn’t guarantee value … Bitcoin has a history of extreme price fluctuations.

He also added that “We cannot live on environmental credit and we must become more and more sustainable.” He said “Bitcoin is increasingly destructive to the environment – the more it is mined and used, the greater the environmental damage.”

In addition, he wrote:

Politicians and economists value integration more and more [finansową], however, Bitcoin is being denied to minority groups who have limited internet access.

BTC fans reaction

The words of the UBS economist, however, caused a considerable storm on Twitter. Regarding Donovan’s claim that Bitcoin has limited access for certain groups, many people have pointed out, for example, to his hypocrisy. One Twitter user commented on this with:

Sure, a UBS bank account is more accessible to these poor minority groups than a free BTC wallet on a cheap Android phone.

Another stressed that “UBS requires a balance of 10,000 Swiss Francs… to have an account open. I think the cryptocurrency and Bitcoin folks will agree that this is a barrier to the people you claim to support. “

In January, Donovan wrote that the cryptocurrency has a fundamental flaw and that the constant supply of Bitcoin could cause its value and purchasing power to collapse.

Despite Donovan’s words, Switzerland is one of the countries that are very open to cryptocurrencies and blockchain technology.

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