Why Does Best-Selling Author Yuval Noah Harari Dislike Bitcoin?
Renowned historian and author Yuval Noah Harari recently spoke about his concerns about Bitcoin at the 2024 Bank for International Settlements (BIS) Innovation Summit.
As a result, Hariri's comments received widespread criticism from the crypto community.
What does Harry say about Bitcoin?
While the future may lean toward electronic money, Harriet said, the historical reliance on banks and governments to control the flow of money has left the public unsettled. He believes that giving central banks and governments the power to create money is a good idea.
“When I look at Bitcoin, as a historian, I don't like it because it's a currency built on distrust. “We don't trust banks, governments, so we don't want to give them the power to create as much money as they want, so we create this bitcoin,” Hariri said.
Read more: How to buy Bitcoin (BTC) and everything you need to know
This perspective directly contradicts the nature of decentralized currencies like Bitcoin. They operate without the control of a central authority.
The historian must have faced criticism. Cardano co-founder Charles Hoskinson criticized Harare's analysis on social media, describing it as “Dunning-Kruger on steroids.” This term refers to the poor judgment displayed by individuals who overestimate their abilities.
In addition, Bitcoin enthusiast Walker highlighted the controversial history of the BIS during World War II, suggesting that it is hypocritical to trust traditional financial institutions.
“From 1933 to 1945, BIS had directors accused of war crimes or crimes against humanity. But be sure to trust the bankers,” Walker said.
Additionally, discussions around Bitcoin and Central Bank Digital Currencies (CBDCs) continue to intensify. in fact. Approximately 90% of central banks are exploring or implementing CBDC pilot projects.
Read more: TradFi explained: Exploring the key elements of traditional finance
According to Walker, the BIS supports the adoption of CBDCs, which will provide unprecedented monitoring and control over individual financial transactions. Thus, proponents of Bitcoin argue that it provides a decentralized alternative.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
