Why Bitcoin Skepticism Persists Even as Mainstream Adoption Grows: Adam Back
Bitcoin has transitioned from a niche currency associated with illicit activities to a mainstream asset, gaining acceptance from major financial institutions and even the U.S. government. Despite this, skepticism persists, particularly among traditional finance figures like Warren Buffett and Jamie Dimon, who criticize Bitcoin's legitimacy. Blockstream CEO Adam Back highlights that even tech-savvy individuals struggle to grasp Bitcoin's value, noting that its non-physical nature contributes to ongoing doubts. Bitcoin operates as a digital currency with a capped supply of 21 million coins, designed to serve as an inflation hedge. Critics like Dimon label it a "hyped-up fraud" and a "decentralized Ponzi scheme." Advocates argue that those benefiting from the current financial system may not recognize Bitcoin's potential advantages.
