$BTC: Founder of Crypto Fund Manager Cyber Capital Goes Ballistic on Bitcoin
The founder and chief investment officer (CIO) of crypto-focused asset management firm Cyber Capital says that Bitcoin is “technically one of the worst cryptocurrencies,” in light of advancements being made by top competitors.
In a series of tweets, Cyber Capital founder Justin Bons argued that Bitcoin was one of the worst cryptoassets on the market from a technical standpoint. Bons called $BTC’s long-term security model “broken,” and noted that the cryptoasset lacks “capacity, programmability & composability.” He also called $BTC’s economic qualities weak compared to competitors on the market.
Bons summarized his critique of Bitcoin by writing that BTC is ”a purely speculative asset without utility.”
Cyber Capital’s founder slammed Bitcoin for failing to adequately evolve with time, making the cryptoasset’s underlying value “no longer based on utility.” He argued that Bitcoin’s security would require transaction fees to continue growing exponentially larger in order to maintain the network.
Bons also attacked Bitcoin for failing to adopt the best of other digital asset technologies, noting the network’s lack of smart contracts, privacy tech and scaling breakthroughs, especially when compared to other top competitors such as Ethereum.
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