By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Bitcoin Is Worth Zero’ — Kenyan Communication Strategist Warns African Investors to Be Wary
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > CRYPTOPEDIA > BITCOIN NEWS > Bitcoin Is Worth Zero’ — Kenyan Communication Strategist Warns African Investors to Be Wary
BITCOIN NEWSNews

Bitcoin Is Worth Zero’ — Kenyan Communication Strategist Warns African Investors to Be Wary

NFT Studio 24
Posted NFT Studio 24 November 2, 2021 544 Views 4 Min Read
Updated 2023/01/21 at 10:11 PM
Bitcoin Is Worth Zero 1
SHARE

A Kenyan communications strategist, Mwotia Ciugu, has told African investors to be wary of investing in bitcoin which he claims is worth zero.

Bitcoin Structurally Incapable of Delivering on Its Promise

In an op-ed published by The Elephant, Ciugu insists bitcoin (BTC) is structurally incapable of delivering on its promise of becoming an alternative store of value or a hedge against inflation. In addition, the strategist also claims bitcoin fails both as a currency and an investment.

Although he concedes that Africa has one of the highest cryptocurrency adoption rates, Ciugu cautions, however, that the top cryptocurrency’s volatility and scalability issues mean it cannot act as a currency. Ciugu is quoted explaining:

“Bitcoin fails as a currency because of two things: volatility and scalability concerns. In its 12 years of existence, bitcoin has maintained extremely high levels of volatility i.e. 60 per cent to 100 per cent annualized.”

To further support this point, Ciugu makes reference to the U.S. dollar which he claims “has an annualized volatility of 17 [percent].” Concerning the crypto asset’s scalability problems, Ciugu predictably regurgitates the common arguments about bitcoin’s inefficient use of electricity and how this disqualifies it as a currency for day-to-day transactions.

Bitcoin Useful for Cross Border Remittances

Meanwhile, the strategist denies that bitcoin is now being used extensively in El Salvador, the first country in the world to declare bitcoin legal tender. According to Ciugu, the U.S. dollar is still the dominant currency in El Salvador. Despite putting forward these arguments, Ciugu surprisingly agrees that sending remittances via bitcoin is more cost-effective than using regular sending channels. He explained:

“The use of bitcoin in that country is primarily for remittances by citizens working abroad to their families back home. These citizens rely on bitcoin for cross-border money transfers to avoid the high costs that come with such transactions, and also because most citizens of El Salvador, i.e. 70 [percent], don’t have bank accounts.”

On why he thinks the cryptocurrency is worth zero, Ciugu uses billionaire investor Warren Buffet’s past comments about bitcoin to argue his point. In his previous remarks, Buffet had intimated the crypto asset had hallmarks of a pyramid scheme because it produces nothing. Just like Buffet, the strategist also believes bitcoin investors have no expectations of making any future earnings except through engaging in zero-sum games with other speculators.

The strategist also makes reference to how bitcoin crashed when Elon Musk voiced his concerns about the crypto asset’s energy use. Such a reaction according to Ciugu means bitcoin is more susceptible to sentiments than actual fundamentals.

The strategist ends this long article by conceding that bitcoin will probably hit the US$100,000 mark in the near future as some analysts are predicting. However, Ciugu argues that even if bitcoin were to reach such a milestone, this will have “no bearing on the intractable truths” he has articulated.

Read More:https://news.bitcoin.com/

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Amitabh Bachchan Amitabh Bachchan’s NFT auction to go live on November 1
Next Article Non-fungible tokens (NFTs), Non-fungible tokens or NFTs: What are they, where to buy and should you spend money on them this Dhanteras

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

The Metaverse is Alive and Thriving Experts Reveal its Enduring Potential
The Metaverse is Alive and Thriving: Experts Reveal its Enduring Potential
Guide METAVERSE May 31, 2023
Israel Crypto Conference
Israel Crypto Conference Highlights Essential Security Practices for Web3 Startups
News May 31, 2023
Beijings Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth
Beijing’s Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth
News May 30, 2023
Join us
Ad imageAd image

You Might also Like

Israel Crypto Conference
News

Israel Crypto Conference Highlights Essential Security Practices for Web3 Startups

May 31, 2023
Beijings Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth
News

Beijing’s Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth

May 30, 2023
Solanas Crypto An Exclusive Interview with Raj Gokal
News

Solana’s Crypto: An Exclusive Interview with Raj Gokal

May 30, 2023
Elliptic drives crypto adoption with advanced analytics.
News

Institutions Demand Advanced Blockchain Analytics to Drive Crypto Adoption: Elliptic

May 29, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?