By Jake Novak
Some major bitcoin bears, like Intellyx president Jason Bloomberg, insist its entire value would be wiped out if criminals could no longer use it easily. This spring, Bloomberg wrote: “the only reason Bitcoin has value to anyone is because of the underlying value as a medium of exchange for lawbreakers. If we could flip a switch and eliminate all illegal uses of Bitcoin, there would be nothing left of the cybercurrency.”
Bloomberg may be exaggerating about that; he’s at least ignoring the non-criminal advantages of using bitcoin like its very low transaction fees and faster transaction speeds. LIU Post economics professor Panos Mourdoukoutas says the digital currency won’t disappear and bitcoin will simply return back to its, “old role: a collectible currency for tech savvy enthusiasts.”
The words “collectible” and “enthusiasts” sure sound like the terms we use for commodities like rare coins, fine art, and sports souvenirs, don’t they?
Read the entire article at https://www.cnbc.com/2017/09/28/north-korean-hackers-attempts-to-steal-bitcoin-are-a-huge-wake-up-call-commentary.html
