The founder and chief investment officer (CIO) of crypto-focused asset management firm Cyber ​​Capital says Bitcoin is “technically one of the worst cryptocurrencies,” in light of the progress made by major cryptocurrencies. competitors.

In a series of tweets, Cyber ​​Capital founder Justin Bons claimed that Bitcoin was one of the worst cryptoassets in the market from a technical standpoint. Bons called $BTC’s long-term security model “broken” and noted that the cryptoasset lacks “capacity, programmability, and composability.” He also called the economic qualities of $BTC weak compared to competitors in the market.

Bons summed up his criticism of Bitcoin by writing that BTC is “a purely speculative asset with no utility.”

The Cyber ​​Capital founder criticized Bitcoin for not having evolved adequately over time, making the cryptoasset’s underlying value “no longer based on utility”. He argued that Bitcoin’s security would require transaction fees to continue to grow exponentially in order to maintain the network.

Bons also attacked Bitcoin for not adopting the best of other digital asset technologies, noting the lack of smart contracts, privacy technology and network scaling breakthroughs, especially compared to Bitcoin. other top competitors such as Ethereum.

Image credit

Image selected via Pixabay