Yuval Noah Harari, a distinguished historian and best-selling author, recently voiced his concerns about Bitcoin at the Bank of International Settlements (BIS) Innovative Summit 2024.
Consequently, Harari’s opinions received widespread criticism from the crypto community.
What Did Harari Say About Bitcoin?
Harari noted that while the future might lean towards electronic money, historical trust in banks and governments to manage monetary flow has fostered societal trust. He believes it is a good idea to give central banks and the government the authority to create money.
“When I look at Bitcoin, as a historian, I don’t like it because this is a money built on distrust. We don’t trust the banks, the governments, so we don’t want to give them the ability to create as much money as they like, so we create this Bitcoin,” Harari said.
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This perspective directly opposes the decentralized nature of cryptocurrencies like Bitcoin. They operate without central authority oversight.
The historian’s critique did not go unchallenged. Charles Hoskinson, the co-founder of Cardano, criticized Harari’s analysis on social media, describing it as “Dunning-Kruger on steroids.” This term refers to the poor judgment often shown by individuals who overestimate their competence.
Additionally, Bitcoin enthusiast Walker highlighted the controversial history of the BIS during World War II, suggesting a hypocrisy in trusting traditional financial institutions.
“The BIS had directors from 1933 to 1945 who were convicted of war crimes or crimes against humanity. But sure, trust the bankers,” Walker stated.
Furthermore, the discussion around Bitcoin and central bank digital currencies (CBDCs) continues to intensify. In fact. approximately 90% of central banks are exploring or implementing CBDC pilot projects.
Read more: TradFi Explained: Exploring Key Elements of Traditional Finance
According to Walker, the BIS advocates for adopting CBDCs, which could lead to unprecedented surveillance and control over individual financial transactions. Hence, proponents of Bitcoin argue that it offers a decentralized alternative that could prevent such potential overreach.
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