Bitcoin Community Failed to Show Sovereign Money to People, Says Bitcoin.Org Co-Owner

Michael LaVere
  • Bitcoin.org co-owner CøbraBitcoin says crypto industry has failed to convey its benefits to mainstream audiences. 
  • Governments around the world are resorting to "quantitative easing" schemes to mitigate the economic impact of COVID-19.

Bitcoin.org’s co-owner says the crypto community failed to communicate the benefit of alternative forms of money in light of the ongoing coronavirus pandemic. 

According to a tweet published Mar. 19, Bone of the co-owners of the Bitcoi,n.org domain, registered by Bitcoin creator Satoshi Nakamoto himself, who goes by the moniker “CøbraBitcoin,” said the community of crypto has failed mainstream audiences in effectively communicating the benefits of bitcoin. 

Shapeshift CEO and long-time cryptocurrency advocate Erik Voorhees responded by saying the average person only follows the crowd. 

While bitcoin was hailed as a safe haven asset and attractive alternative to the traditional financial markets, the cryptoasset has failed to appreciate appropriately in light of the economic meltdown being caused by the coronavirus, initially dropping along with equity markets, but soon after recovering.

Central banks, including that of Australia, have started considering quantitative easing programs that provide financial institutions with billions in newly printed fiat. However, many are referring to these policies as “money printing schemes” and criticizing the short-sighted approach that will generate long-term inflation.

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