Bitcoin may be a great source of hedge against the global financial crisis or even inflation. Even though it is, being adopted by world-leading institutions but there is still plenty of room for criticism against it.
Bill Maher, a well-known American comedian as well as a TV host in the category of political commentating, has been seen criticizing Bitcoin.
His show namely Real Time with Bill Maher was recently televised on the night of 30 April 2021. During his live televised show, the political commentator took the task of Bitcoin as well as the entire crypto industry. He commented that Bitcoin and Dogecoin are alike because they both share common similarities i.e. both are “jokes”. He compared Dogecoin with Easter Bunny and stated that Dogecoin derives its source from children’s beliefs.
Maher expressed further that many times he has been told about cryptocurrencies and their functionalities. However, each time he has failed to grasp the idea completely. He thinks that the idea is so confused that not only he but also everyone fails to understand the whole idea.
He then moved onto refer to Bitcoin’s inventor, Satoshi Nakamoto, to suggest that Nakamoto took his name from an old Japanese board game. He said that normally currencies are originated from governments and that is what he has seen throughout his life. He then referred to earlier remarks of Warren Buffett, Chairman of Berkshire Hathaway towards Bitcoin. He said he is convinced that Buffett was right when he said that Bitcoin does not possess any inherent value at all.
Maher suggested that the whole mechanism of Bitcoin depends on the idea that someone else would pay you more for your coin. However, there is a chance that the person buying the coin from earlier, may end up having zero value. He suggested that currencies do not work like that.
Maher thereafter quoted Nassim Taleb, the famous author of the book titled “The Black Swan”. One and a half months ago, Taleb has said that Bitcoin and crypto assets like it are nothing but a continuing crypto Ponzi scheme. Maher criticized Bitcoin and regarded it as an imaginary friend i.e. when you are alone it is with you. However, when you need it to prove to anyone you have a friend; it is nowhere to be found, criticized Maher.
It was as his entire show was organized in a way to talk about Bitcoin and the entire crypto industry alone. Not even Elon Musk, CEO of Tesla Inc. was safe from being criticized by the political commentator. Maher said that Musk is actually destroying the whole world by supporting this gambling game of crypto. He commented that at the one hand Tesla is trying to save the world through electric vehicles. However, on the other hand, it is destroying it deliberately by promoting an idea, which exists only in a dream.
