Yuval Noah Harari: “Bitcoin is a currency of mistrust”
Date: 2024-05-24 Author: Oliver Abernathy Categories: IN WORLD
Famous historian and philosopher Yuval Noah Harari said that the choice of Bitcoin by investors is based on a progressive distrust of traditional social and financial institutions. Harari noted that there is hope that civilization can find a way to create institutions that deserve everyone's trust, rather than developing technologies that focus on mistrust.
Distrust of traditional institutions
“Bitcoin is a currency of mistrust, and I echo what BTC fans themselves say. There may be good reasons not to trust the banks and governments that create dollars, yen and other currencies, but this does not change the fact that preference for Bitcoin is based on distrust of institutions,” Harari stressed. He believes that distrust in existing systems pushes people to choose decentralized cryptocurrencies such as Bitcoin.
Answer by Michael Saylor and Samson Moe
MicroStrategy co-founder Michael Saylor and JAN3 CEO Samson Moe disagreed with Harari's opinion. Saylor stated that trustworthy institutions have already been created, and they are called Bitcoin technologies. In his opinion, Bitcoin is a reliable system that can provide financial stability and security.
Samson Moe supported this point of view, drawing attention to the fact that only the first cryptocurrency provides trust at all levels of the financial digital system. He emphasized that Bitcoin is an example of a technology that can build new institutions based on transparency and security.
Alternative opinions about Bitcoin
Not all experts share Sailor and Moe's optimism. Financial expert and gold investment advocate Peter Schiff has declared Bitcoin a “dead cryptocurrency.” Schiff believes that Bitcoin will not be able to replace traditional financial systems and will ultimately lose its relevance.
The future of financial institutions
The debate around Bitcoin and its role in the future of the financial system continues. Harari calls for the creation of trustworthy institutions, while Bitcoin proponents such as Saylor and Moe see cryptocurrency as a ready-made solution. Time will tell what the future of financial systems will be, but it is already clear that Bitcoin and other cryptocurrencies will play a significant role in this transformation.
