- Analyst Chris Mancini believes Bitcoin is corrupted since it was not created by God
- Bitcoin was created by humans, that were also created by God
There are different analysts that have given their point of view about different virtual currencies, including Bitcoin (BTC). This time, Chris Mancini, an analyst at Gabelli Gold Funds, commented that the flagship cryptocurrency was corrupted because it was created by humans, unlike gold, which was created by God, a divine entity. Bitcoin has also been attacked as associations have been made between the pseudonymous cryptocurrency and its use in financing illicit activities.
Bitcoin Is Corrupted Because It Was Created By Man
In general, Bitcoin is associated with digital gold because it shares several of the properties of the precious metal, including scarcity. Nonetheless, the analyst Chris Mancini believes that Bitcoin is corrupted because it was created by man. During an interview with Kitco News, he said that Bitcoin is a store of value because it cannot be replicated in its current form.
He said that central banks around the world were not going to purchase the digital asset and that they prefer to buy gold. China and Russia are currently making large purchases of gold rather than Bitcoin. Another thing he mentioned is related to hard forks such as Bitcoin Cash (BCH) or Bitcoin Gold (BTG).
About it, he mentioned:
“The concept of coming in and buying a gold coin down the street, putting it in my socks and having another gold coin one day, that’s crazy. So, that just can’t happen. But, with Bitcoin, you can. You can have another piece of Bitcoin, created off of Bitcoin”
He then stated that Bitcoin has been corrupted because it is a creation of man and gold cannot be corrupted because it is a creation of God. According to Mancini, Bitcoin is a means of payment rather than a store of value.
Although he criticized Bitcoin, he praised blockchain technology. He claims that there are many users purchasing other precious metals using distributed ledger technology (DLT). After the comments that Mancini gave about Bitcoin, users on social media commented about it saying that humans were also created by God.
It is clear that Mr. Mancini is defending the interests of its company related to gold rather than Bitcoin. Indeed, he said that Bitcoin is not a store of value, but instead a means of payment. Although Bitcoin can be used to perform transactions, other analysts agree that its main feature is being a store of value.
Bitcoin’s price is $7,816.93 BTC/USD exchange rate today. The real-time BTC market cap of $138.7 Billion currently ranks #1 with a chart dominance at 55.57%, daily trading volume of $5.62 Billion and live coin value change of BTC 0.75 in the last 24 hours.
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[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.