Macro investor Michael Green has sharpened his criticism of Bitcoin, labeling it as both economically fragile and socially damaging. In a recent interview, he articulated his concerns about the cryptocurrency's failure to serve its intended purpose as a peer-to-peer payment system. The study highlights an alarming trend: the increasing disconnect between Bitcoin's original vision and its current use cases.
Bitcoin's Departure from Original Vision
During his discussion with journalist Phil Rosen, Green pointed out that Bitcoin has strayed from its original vision as outlined in the Satoshi Nakamoto white paper. Instead of being a tool for facilitating transactions, he argues that Bitcoin has morphed into a speculative asset with limited practical applications in the real world.
Implications of Bitcoin's Capped Supply
Green's analysis highlights the implications of Bitcoin's capped supply, which he believes creates a winner-takes-all environment reminiscent of a Monopoly game. This dynamic effectively excludes new participants from wealth creation opportunities. He concluded that rather than democratizing access to wealth, Bitcoin may inadvertently exacerbate economic inequality.
In contrast to Michael Green's critique of Bitcoin's utility, stablecoins have recently achieved a remarkable milestone, surpassing an annual transfer volume of 50 trillion. This growth underscores their increasing significance in the financial landscape. For more details, see stablecoin transfer volume.
