As we’ve seen in the past, Bitcoin doesn’t please everyone. No matter how high it rises or how strong it is, the world’s number one digital currency in the market can polarize people. Finally, Jeffrey Sachs, a well-known economist, has made it clear that he does not like BTC.
Jeffrey Sachs: “Bitcoin has no intrinsic value”
Sachs told all of his audience at a recent conference:
I am not a bitcoin fan.
So what’s the reason? Sachs says the currency is not a ‘store of value’ and ‘a medium of exchange’. He also points out that it does not offer “social value” to its users. The economist, known for his work in the global poverty sector, sees Bitcoin as a “hidden tax” for everyone and believes it is a major environmental enemy:
If a digital euro or dollar makes real transactions in our currencies more efficient without giving up the ability to track illegal transactions and tax fraud, this would be a good step forward.
Interestingly, Sachs opposes the notion of digital currencies but rather the idea of digitizing standard fiat currencies. He dreadfully opposes the alleged carbon footprint that Bitcoin left behind and claims that BTC is doing a lot of damage to the environment:
Bitcoin mining is an incredible waste of resources and an extremely polluting waste of power. It has a lot of CO2 emissions that are not caused by any social value. Bitcoin has risen to $ 1 trillion in market cap, almost like the return of fraud. Where did the value come from? It came from all of us holding the euro, dollars, and other financial assets.