Bitcoin (BTC) had an interesting year as it recovered from strong sales and finally rose to an all-time high.
However, Bitcoin’s performance and the wider adoption of cryptocurrencies around the world have yet to attract any observers to the cryptocurrency leader.
However, compared to other years of bull run like 2017, 2020 received much less criticism from cryptocurrencies, and it appears that a number of Bitcoin skeptics have softened their stance towards digital assets somewhat.
Looking back at cryptocurrency in 2020, Cointelegraph has highlighted some of the cryptocurrency’s biggest critics.
“Bitcoin has no future”: Russian politician Anatoly Aksakov
Listed date: October 23, 2020
Bitcoin price on that day: $ 12,900
Anatoly Aksakov, a member of the Russian State Duma and the main representative of cryptocurrency legislation in Russia, has become a leading critic of cryptocurrencies in 2020.
The official is confident that the global adoption of cryptocurrency payments such as Bitcoin will “destroy the financial system”. In October 2020, Aksakoff predicted that decentralized cryptocurrencies like Bitcoin had no future, and argued that central bank digital currencies, or CBDCs, are the future of the financial system.
While it remains to be seen what comes from Aksakov’s predictions of Bitcoin, some of his earlier comments suggest he’s not exactly a prophet. During a live chat with Maria Butina in May 2020, Aksakoff said that cryptocurrency mining was “a thing of the past” because Bitcoin was halved for the third time and miner rewards were reduced from 12.5 to 6.25 Bitcoin.
“[Cryptocurrency mining] is not profitable anymore, and as far as I understand, this business may disappear in the future,” Aksakov said. Despite this death prediction, bitcoin miners made money during 2020, and in early November, bitcoin miners ’income soared to levels before halving.
In line with the Russian authorities’ continued play in cryptocurrency regulation in table tennis, Aksakov regularly changes his position in the industry. In early December, Aksakoff called cryptocurrency a “very profitable business” and stressed the need to legalize it, recognizing the cryptocurrency as real estate.
Aksakov, a member of the Russian State Duma, is also the chairman of the National Banking Board of the Central Bank of Russia. In mid-October 2020, the Bank of Russia officially announced its plans to develop the Russian CBDC currency, the digital ruble.
“Nothing is valued in Bitcoin or any other cryptocurrency”: Nouriel Roubini
Listed date: November 7, 2020
Bitcoin price on that day: $ 14,900
Nouriel Roubini, professor of economics at New York University’s Stern School of Business, is one of the world’s biggest cryptocurrency critics, and is often referred to as “Doctor Doom” in the cryptocurrency community.
The award-winning economist was known for his claims that “cryptocurrency as a technology has absolutely no basis for success” in 2020, despite acknowledging in late 2019 that Bitcoin “could be a partial store of value.”
On November 7, 2020, Roubini stated that the cryptocurrency itself is a “wrong name” because the currency must provide an account unit. Roubini went on to criticize Bitcoin, criticizing its seemingly unlimited scalability:
“Nothing is valued in bitcoin or any other cryptocurrency. You have to have one counter, and with so many tokens, you won’t have one counter. It has to be a scalable payment method, and with bitcoin, you can only make five transactions per transaction.” the second “.
At the same time, Roubini realized Bitcoin’s potential function as a valuable store. “It can be a store of partial value, because unlike the thousands of other currencies that I call shitcoins, it cannot be destroyed that easily, because at least it is an algorithm that determines how much bitcoins supply over time.” Robini commented.
Bitcoin is the “Biggest Bubble I’ve Seen”: Peter Schiff
Listed date: October 28, 2020
Bitcoin price on that day: $ 13,200
Peter Schiff, millionaire broker and CEO of Euro Pacific Capital, is a well-known Bitcoin skeptic who criticized Bitcoin back in 2013. In the crypto community, it’s also called the “golden mistake”. Schiff is also a major supporter of gold investments in the world.
During 2020, Schiff made many negative and conflicting comments about Bitcoin, predicting that gold will be the moon and that Bitcoin will collapse in the near future.
On October 28, 2020, when gold fell to annual lows against bitcoin, Schiff stated:
“If you measure the size of asset bubbles based on the level of consumer confidence in their trading, the Bitcoin bubble is the biggest bubble I’ve seen. Bitcoin traders are much safer and confident that they cannot lose from internet companies or homebuyers in these bubbles.”
On December 4, Schiff said Bitcoin’s past successes do not guarantee future success, but rather “their success.”