Mark Dow Believes Bitcoin’s Scammy Promotion Runds Wild And Has No Credible Use Cases

2019-1-4 02:17

Mark Dow Believes Bitcoin Is Too Scammy And Volatile To Be Widely Adopted

The recognized analyst and trader Mark Dow is skeptical about Bitcoin’s future as a widely used digital asset. In a recent tweet uploaded on January 2, the former International Monetary Fund (IMF) economist, believes that the world’s leading digital currency does not have a credible use case.

He mentioned that there are a lot of delusional arguments and other ‘scammy’ promotions about it. Dow commented that Bitcoin (BTC) has been highly tradeable based on patterns and he suspects it will keep in this way.

I've yet to hear a positive, credible use case for #bitcoin. Plus, I see a lot of delusional arguments & scammy promotion. However, truth is I know v little about it. What I do know is it has been highly tradeable based on patterns, and I suspect it will continue to be. $BTC $XBT

— Dow (@mark_dow) January 2, 2019

There were some users in Twitter saying to him that in Venezuela there are several individuals using virtual currencies in order to survive, make payments and store money. However, he denied these things claiming that Venezuelans do not want to speculate with Bitcoin.

Venezuela is in a terrible economic and social situation due to socialist policies for over the last years. Citizens in the country are using virtual currencies such as Bitcoin, Ethereum (ETH) or Dash (DASH) to have a better quality of life.

However, he went on saying that in his opinion Bitcoin might reach $100,0000 in the far future, but for now, it remains too volatile, too sketchy and too scammy for broad-based adoption.

I'm sure it can become a lot of things. I will leave that to you visionaries. It's just not there now. Sure, someday maybe it goes to 100k–or maybe not–but for now, still too volatile, too sketchy, too scammy, too convoluted for broad-based adoption IMO.

— Dow (@mark_dow) January 3, 2019

Bitcoin was born as a virtual currency to avoid the traditional financial system and political motivated monetary policies. Bitcoin allows for peer-to-peer transfers without having to depend on a centralized authority such as a central bank or financial company.

In Venezuela, individuals are not able to use the US dollar since the US government imposed severe financial sanctions on the country. The US dollar can only be purchased in the black market for a much higher price than the government informs.

Bitcoin has been in the market operating for ten years. This shows that BTC is a very resilient coin and technology. There are some companies that are also very interested in it and could soon start to use this virtual currency.

Just some time ago, JM Bullion announced support for Bitcoin. Customers will now be able to purchase precious metals with the most popular virtual currency.

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U.K. Banks Warned to Be Careful With Cryptocurrencies

The Bank of England has warned U. K. lenders to study cryptocurrencies before doing business in the space. In a letter sent out to the financial institutions in the country yesterday, the Bank of England Deputy Governor Sam Woods warned financial companies to take appropriate steps to protect themselves against "exposure to crypto-assets" which he believes are susceptible to "fraud and manipulation, as well as money-laundering and terrorist financing risks.

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