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.
As a Bitcoin community, we have failed to communicate the benefits of sovereign money to people to such an extent that an average person would rather rush to buy toilet paper than BTC.— CØ₿RA (@CobraBitcoin) March 19, 2020
Shapeshift CEO and long-time cryptocurrency advocate Erik Voorhees responded by saying the average person only follows the crowd.
The average person will only follow the crowd. Watch what unfolds in the coming months.— Erik Voorhees (@ErikVoorhees) March 20, 2020
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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