American Publisher Steve Forbes Attacks Bitcoin Supply Says It Limits BTC Ability to Meet The Needs of a Growing Economy
January 19, 2021 5:27 PM
Established American publisher and Editor in Chief of Forbes, Steve Forbes attacked bitcoin’s fixed supply saying this aspect curbs the ability of the crypto to “meet the needs of a growing economy.”
According to Mr Forbes, cryptocurrencies can only challenge existing money if their value is tied to that of gold or the Swiss franc currency, Forbes insists that money only works best if it has a stable value.
In arguing his case against the idea that bitcoin will eventually replace the dollar, Forbes concedes, however, that the crypto is “now seen as a respectable investment class.” He adds that “financial institutions are adding it to their portfolios.”
People are piling in because of a lack of faith in government fiat currencies. The Federal Reserve and other central banks have crushed interest rates and are printing unimaginable amounts of money to pay for Covid relief measures and to stimulate damaged economies.
According to Steve Forbes, some of these steps, which are inflationary, could be the possible reasons why bitcoin has now “become the darling of investors.” Furthermore, Forbes also acknowledges that some enthusiasts do see bitcoin as “the new gold” while others believe it will “eventually replace the dollar.”
Forbes concludes that no one in “their right mind would sign a long term agreement based on bitcoin (BTC).”