Dieter Wermuth, economist and partner at Wermuth Asset Management, believes Bitcoin is a fundamentally worthless asset. How true are his claims?
As Bitcoin’s popularity has grown, it has often come under harsh criticism from traditional financial standard-bearers.It has been declared dead nearly 500 times since its inception.
very recently attack Vermuth on Bitcoin comes from Asset Management and says:
Wermuth also wrote, “Without cryptocurrencies, the economy would be better. There would be more money for consumption and investment.”
Address Wermuth’s concerns about energy-intensive mining
Since the company specializes in investing in climate change, Worms delved into energy consumption during bitcoin mining.
However, BeInCrypto reported last week that mining uses 38% less coal than the electric vehicle (EV) industry. In fact, Bitcoin mining is becoming increasingly green, with over 52% of its power coming from renewable sources.
Is Bitcoin basically worthless?
In the memo, Worms pointed out that Bitcoin is a fundamentally worthless asset. It seems that it can not be used for shopping at supermarkets or paying taxes.
but, multiple stores Accept payments in Bitcoin from USAFoods, Whole Foods and more. Over 200 Walmart stores in the United States have Bitcoin ATMs as part of an initiative to bring cryptocurrency into business.
BeInCrypto reported yesterday that fashion giant Ralph Lauren will accept cryptocurrency payments in Bitcoin, Ethereum and Polygon Matic.Balenciaga and gucciWe also accept crypto payments.
Additionally, in September 2022, Colorado announced that it will accept cryptocurrencies for tax payments.
Ignas Terenas, head of business development at Mental Network, said it would be better to make fun of the economy without commenting on cryptocurrencies. Tweet,
“The economy may be better off without foreign exchange, says Vermouth in his Wealth Management Memorandum (1923).”
In The Wealth Management Telegraph (1823) Shelley said the economy might be better without stocks.
The economy may be better off without real estate, says Port Asset Management in manuscript (1523)
In Economicus melier est sans Commercial (the economy is good without commerce), Oenos mentions household management in the papyrus (423 BC).
[Economy may be better off without gold], [Scribes for Stewards] Says on a cuneiform tablet (2023 BC).
BeInCrypto Updates Bitcoin (btc) analysis, click here,
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