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Alex Pickard was an early buyer of BTC, and became a miner in 2017. But the scales have fallen from his eyes, In Bitcoin: Magic Internet Money he explains that BTC is useless for anything except speculation:
"Essentially overnight it became “digital gold” with no use other than for people to buy and hodl ... and hope more people would buy and hodl, and increase the price of BTC until everyone on earth sells their fiat currency for BTC, and then…? Well, what exactly happens then, when BTC can only handle about 350,000 transactions per day and 7.8 billion people need to buy goods and services?"
And he is skeptical that Tether will survive:
"If Tether continues as a going concern, and if the rising price of BTC is linked to USDT issuance, then BTC will likely continue to mechanically build a castle to the sky. I have shown how BTC price increases usually follow USDT issuance. In late 2018, when roughly 1 billion USDT were redeemed, the price of BTC subsequently fell by over 50%. Now, imagine what would happen if Tether received a cease-and-desist order, and its bank accounts were seized. Today’s digital gold would definitely lose its luster."
Jan 14, 2021, 1:10:29 PM
Posted to The Bitcoin "Price"