Outspoken crypto critic says BTC is fool’s gold, not worth investing in

Justin Bons, founder and Chief investment officer of Cyber Capital, warns against investing in Bitcoin, calling it “fool’s gold.”

In a detailed post on X, Bons described Bitcoin as an emperor without clothes and more of a meme coin, cautioning traders not to take their BTC investments seriously.

Bons argues that BTC is no longer sustainable, especially after having lost its desirable qualities

According to Bons, BTC has lost all its attractive qualities, so it won’t last very long. He argued that without capacity, scarcity, privacy, DeFi, or long-term security, the asset has “no legs to stand on.”

He even stated that Bitcoin’s other impressive qualities, such as censorship resistance, immutability, financial sovereignty, and decentralization, are long gone and only pioneered by other emerging assets, saying the top asset lost its key principles to corruption.

He further commented:

BTC was effectively captured by a relatively small group of people who managed to entirely pivot the purpose, vision, and fundamental design of BTC. This did not happen without a fight. That history is now known as the block size debates, cumulating in 2017 when “Bitcoin Core” “won” and Bitcoin lost.

Justin Bons

He believes a group of people is still controlling BTC, and unfortunately, traders are still in the dark about the token’s reality. He even compared the current BTC governance to more of a Github dictatorship, saying the Core deterred any future expansion to BTC’s capacity, as opposed to Satoshi’s wants.

Furthermore, he argued that Bitcoin currently sees only about seven transactions in a second, meaning it cannot be utilized for anything vital. He said that the token has to continuously rely on centralized holders to grow, which was not part of Satoshi’s original plan.

Moreover, he said the core altered the token’s economic design to depend on few transactions with really high fees rather than many transactions with low fees, claiming that this also destroyed the asset’s long-term security model.

Bons says BTC could fall in the next 8-12 years

Bons believes that high trading activity on the BTC blockchain could make transaction fees surge to peak levels, even forcing traders to leave. He pointed out that this trend has been playing out on a smaller scale in recent years, leading to occasional fee spikes.

However, he warned that this cycle “spells doom” for Bitcoin in the long term.

He even expects the digital asset to collapse in the next 8 to 12 years, saying that an inflation rise past the 21 million cap will be its only saving grace then. He also projects a “bank-run”-like situation for when the token collapses, seeing how difficult it would be for every trader to transfer or withdraw all their assets.

To him, BTC can never be a medium of exchange without capacity and will be a horrible store of value without long-term security. He even claims that BTC will reach a point where its price can no longer rise, and a “reckoning” will happen then.

He has urged his followers to support Bitcoin by abandoning it and seeing Satoshi’s vision materialize in BTC’s children.

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