Jim Rickards Has No Faith in Bitcoin [BTC]: Says It Fails Every Test

The notion that democracy is the best form of government was first exposed by the ancient Greeks. While the likes of Plato and Aristotle will most likely not be big fans of what democracy has morphed into today, the associated freedom is certainly handy. It allows for through and introspective look into all facets of our daily lives.

Noted American lawyer and gold speculator, Jim Rickards has once again laid plain his views about Bitcoin. He has reiterated his continues stand against the idea of using the most popular cryptocurrency on the planet, Bitcoin [BTC]. In a recent conversation online Jim reiterated his accusation on BTC, calling it only good for criminals.

According to the lawyer, there is already a digital currency, which is liquid and has mass outreach and thus negates the need for Bitcoin. He opined:

“We already have a widely accepted, liquid, and digital crypto-currency. It’s called the dollar. What you want is a distributed ledger, not another crypto-currency. Bitcoin fails every test of liquidity, ease of use, transparency. It’s good for criminals; that’s about it.”

These latest shots were aimed at Bitcoin after a Twitter user asked Jim if he had issues only with Bitcoin or he saw a clear lack of potential in the cryptocurrencies sphere as a whole. The user, Riyad also made an interesting comparison saying,

“Struggle to see how once the technology develops a digital currency by a major central bank or otherwise becomes inevitable. Bringing with it Bitcoin as the internet’s gold equivalent.”

Whilst in conversation with Modern Wall Street, Jim had squarely blamed Bitcoin, branding it as ” the biggest fraud”. He went on to repeat the oft-stated concern that these online currencies were primarily used by tax evaders, terrorists and those generally up to no good. He prophesies that the near future will see the prices nosedive and settle to a valuation in the $200 region. This he feels will be due to the lack of scalability which will undoubtedly hinder sustainability in the future. Taking a swipe at the alleged creator of Bitcoin, Satoshi Nakamoto, Jim noted that while the underlying principles were sound the creator of the coin did not take into consideration all aspects of the monetary economics.

This albeit slightly conciliatory tone was echoed in the defense of his current beliefs that the US dollar is a viable digital currency. In his discussion, he noted how the entire Fedwire system is online, with high-level encryption used on all the data traffic. He conceded that a major missing component of the current setup is that, unlike Bitcoin, the Dollar has no digital distributed ledger. He thus feels that there is a future for the blockchain technology, just with careful integration.

While there are strong arguments on both sides of the fence, it seems only time will tell whether there are viable scalability solutions or will Jim Rickards warnings prove prophetic.

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