Peter Switzer of the Switzer Financial Group says Bitcoin is unnecessary and should be banned.
Again With the Pre-Enlightenment FUD
Every so often, anti-Bitcoin rhetoric rears its head. Most times, the sentiments expressed appear to be no more educated than the FUD espoused by BTC critics immediately after Silk Road and Mt. Gox.
According to Australian crypto news outlet Micky, Switzer called for governments to ban Bitcoin. Commenting further, the Switzer Financial Group chief:
I think cryptocurrencies are unnecessary, risky and good for a small group of enthusiasts but the cons, and I repeat the cons, outweigh the pros by a long chalk. Ban bitcoin and its imitators or simply regulate them, so light is shone on this dark, dark world.
Switzer ticks off all the major talking points entrenched in the anti-crypto playbook even referring to comments made by Joseph Stiglitz back in May 2019 calling for cryptos to be shut down.
Bitcoin Bans Have Had the Opposite Effect
On the subject of banning Bitcoin, the reality seen in some places around the world is that such moves tend to have the opposite effect. The market is driven underground with people having to pay more to acquire BTC.
Price premiums arise, and Bitcoin becomes an even more valuable and volatile asset in those particular countries, case in point, China and India. BTC has no central location that can be unplugged to block access.
Switzer’s characterization of cryptos having more cons than pros displays a shocking ignorance of the value that virtual currency payment technology has created across the globe.