Yuval Noah Harari: Bitcoin creates distrust in the financial market

The world-famous Israeli philosopher Yuval Noah Harari, author of the bestselling book Sapiens and Homo Deus, said that finance should create trust in society, not destroy it. While bitcoin BTC $74,798.60 Bitcoin 0.46% Market capitalization $1.48 trillion VOL. 24 hours $3.46 billion does just the opposite.

Harari emphasized that the choice of bitcoin by investors is based on a growing distrust of traditional social and financial institutions. The scientist expressed hope that civilization will be able to find a way to create institutions that will be trusted by everyone, instead of developing technologies that are focused on the opposite:

«Bitcoin is a currency of distrust, and I repeat what BTC fans themselves say. There may be good reasons not to trust the banks and governments that create dollars, yens, and other currencies, but that doesn’t change the fact that Bitcoin’s advantage is based on a distrust of institutions.»

In response, Сейлор" href="https://noworries.news/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor, co-founder of MicroStrategy, noted that trustworthy institutions have already been created, and they are called bitcoin technologies. A similar view was expressed by JAN3 CEO Samson Mou, who drew the Israeli philosopher’s attention to the fact that only the first cryptocurrency ensures trust at all levels of the financial digital system.

As a reminder, cryptocurrencies of projects that aggregators classify as AI have shown explosive growth since the beginning of the week, increasing trading volumes by 7% to $ 6.8 billion. The market capitalization of tokens in this category rose by 15% last week, reaching $ 19 billion.