billionaire jamie dimon, the ceo of jp morgan chase, has called bitcoin a fraud and says that it is destined to fail. He said that even if the price of one bitcoin rises to 100,000, it would not change his opinion that it is destined for failure some day.
Bitcoin is inherently deflationary theres a reason the federal reserve shoots for low inflation.
some think that bitcoin is a monetary revolution, theres still lots of valid scenarios that explain why bitcoin will fall.
bitcoin cant scale, transactions are too slow or expensive. Downed internet because of governments or natural disasters will stop bitcoin. Miners are centralized in china and will be forced to censor or stop all transactions. Block rewards will stop in the future and bitcoin will lose all security.
after all, the hype around bitcoin will continue to persist for some time longer. Nevertheless, in the end, bitcoin will become the myspace of cryptocurrencies and there are four main reasons why i believe so 1. When bitcoin was launched, everyone was excited about the almost negligible transaction costs.
Only 21 million bitcoin tokens can be mined, which creates a level of scarcity that pushes up the value of these digital tokens.
51 attacks are often brought up when it comes to ways in which bitcoin could eventually fail, although improvements related to mining decentralization are in the works.
Bitcoin has (for all intents and purposes) ruled out technical failure after having proven itself for a decade, so is unlikely to fail technically, and wont fail so long as there is demand. The only way to kill demand would be to make its usecases irrellevant. Namely its sound immutable monetary policy and its censorship resistance.