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A chief economist at UBS the largest bank in Switzerland sees numerous issues with Bitcoin. Moreover, he made an attempt to answer the question of whether cryptocurrency disobeys the spirit and claimed that “bitcoin is denied to those minority groups who have reduced online access.”
Chief Economist of UBS Global Wealth Management Sees Multiple Problems With Bitcoin
A chief economist of UBS Global Health Management, Paul Donavan recently published a weekly update on the UBS website on Friday which was titled “Does Bitcoin defy the Zeitgeist?”
In the weekly update published by Paul, a number of issues that he sees with the crypto assets were outlined.
He started by saying:
“There is something weird about Bitcoin. Bitcoin seems to specifically defy the spirit of the age, in a way other cryptos do not”
In addition to this, he released a statement appreciating BTC along with mentioning the price fluctuations that read:
“Some suggest bitcoin is a safe haven from runaway inflation. But controlling supply does not guarantee value … Bitcoin has a history of extreme price fluctuation.”
Claiming the destruction done by BTC, he said:
“We cannot keep living on environmental credit and must become increasingly sustainable. Bitcoin is increasingly destructive to the environment – the more that is created and used, the worse the environmental damage.”
Moreover, he declared:
“There is a global focus on reducing inequality. Bitcoin has extraordinarily unequal ownership. Holdings are concentrated amongst a tiny number of people, and its governance is more plutocratic than democratic.”
Bitcoin Seems Opposed to the Modern Zeitgeist
Appreciating the asset as it is the power of narrative, he said:
“The modern trend that Bitcoin embraces is the power of narrative. Storytelling matters hugely to Bitcoin’s evolution. Otherwise, Bitcoin seems opposed to the modern zeitgeist.”
Countering the statement of Paul Donavan, many supporters of BTC shared their views.
One of the supporters of BTC, Max Keiser said:
“UBS doesn’t understand the meaning of ‘Zeitgeist.’ Faced with an existential threat from Bitcoin – as the real popular zeitgeist moves against them — Paul Donovan blabs boomer claptrap to the bank’s geriatric constituency hoping to stave off extinction. It won’t work.”