Futurist explains why Bitcoin will ‘never’ be a valid currency
Bitcoin will never be a valid currency, according to futurist Steve Sammartino.
Why? Because it is too volatile.
The value of Bitcoins has soared during the COVID-19 pandemic, with one ‘coin’ currently worth $60,000 Australian dollars.
Sammartino said it was never likely to amount to anything other than a “speculative” investment.
“Among the six elements you need to have a currency – one of them is stability,” he explained.
“Even though it’s got a massive upward trajectory and price recently, it is just incredibly unstable.
“You’d never use it for a forward contract, or to purchase goods and services.
“For that reason, I say it’s removed itself from ever having a chance to be a valid currency.
“It’s just too speculative and too unstable.”
Sammartino said it didn’t matter if its value continued to rise.
“Even if it’s going up, that is still not a store of value because it doesn’t have stability, it doesn’t hold that price,” he said.
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