Cyber Capital founder considers bitcoin to be the worst cryptocurrency

Justin Bones, founder and CIO of the Cyber Capital cryptocurrency fund, called bitcoin «technically one of the worst cryptocurrencies» and «a speculative asset with no value.» This is because, compared to other cryptocurrencies, BTC demonstrates a «lack of technological progress.» on August 28, Bons said on Twitter that BTC’s value proposition has deteriorated due to a faulty long-term security model, relatively weak economic qualities, and a lack of necessary capacity.

«The world was moving forward and progressing. I remember people used to say that BTC would just adopt the best technology. This thesis has obviously failed completely, as BTC has no smart contracts, no privacy technologies, and no breakthroughs in scaling,»— complains the founder of Cyber Capital

Bons added that competitive networks have introduced better token development methods, and some smart contract networks have integrated fee burning mechanisms that can reduce inflation: «BTC's economic qualities are also incredibly weak. Bitcoin is competing with cryptocurrencies that can achieve negative inflation due to fee burning, high power, and utility. I am referring to ETH after the merger and alternatives such as AVAX, NEAR & EGLD.»

Bons is convinced that without significant technological advances, BTC has become a purely speculative asset for many people, who continue to invest in it «despite the fundamental reasons of income, utility, and use case analysis.»

Recently, Forbes journalists analyzed data from 157 cryptocurrency exchanges and concluded that bitcoin trading figures are grossly overstated. In this way, cryptocurrency exchanges are trying to look more solid in the eyes of users and potential traders. As a reminder, analysts from Coinglass found that August 2022 was the worst month for BTC/USD in seven years.