Will Bitcoin criticism ever stop? The leading cryptocurrency has come under fresh attack from the American investor and CEO of J.C. Flowers, Christopher Flowers.
According to a report by Bloomberg, Flowers lambasted the leading cryptocurrency, saying that it is laughable as a payment option.
“Bitcoin is really laughable as a serious alternative payment method… It’s too slow, too expensive,” Flowers said.
He went further to counter people that believe BTC is a better hedge against inflation than gold. He said that BTC has no relationship with gold and added that inflation is not a top priority for people who invest in cryptocurrencies.
While Flower has criticized BTC saying it is too slow and expensive, the world has also known and acknowledged the cryptocurrency for its fast, seamless, and almost zero transaction fees when comparing it to legacy systems.
This is not far-fetched as new technology is being introduced every day to further improve BTC’s already double speed and almost zero-fee transactions when being compared with legacy systems.
Bitcoin continues to surge and draws near mainstream adoption, even with criticism it has faced over the years.
As U.S. inflation hits a 30 year high, the leading cryptocurrency hit a new record high of $69,000 this week.
With Flowers’ statement of Bitcoin being laughable as an alternative payment method, other individuals continue to recognize its potential, adopt and use it as a means of payment.
Bitcoin has touched as far as many sectors and has even spread into even the political sector. Last week, the Mayor of Miami, Francis Suarez, posted on his Twitter handle that he is going to take his next paycheck in full in BTC, a move that will make him the first U.S. politician set to receive his paycheck in the leading cryptocurrency.
In another development, yesterday, Coinfomania reported that the largest movie theater chain in the world, AMC, now accepts BTC as its online payment option.
This article is Originally posted on CoinCentral.com
Author: Lucky Ebosele