Cyber Capital Justin Bons, the founder and chief investment officer of the crypto fund named Bitcoin (BTC) as one of the worst cryptocurrencies and an asset without utility compared to other cryptocurrencies due to the lack of technological advancements.
According to Bons, the value of BTC has been declining for a long time due to a broken long-term security model, relatively poor economic quality including lack of capacity, programmability and composability.
In context, he managed to become a vocal figure in the crypto community for several years by establishing the oldest cryptocurrency fund in Europe, Cyber Capital in 2016.
In fact, Bons considers himself a full-time crypto researcher since 2014 including successfully running nodes on the Bitcoin and Bitcoin Cash networks.
Meanwhile, he recalled his statement in the past saying that BTC only uses the best technology, but that thesis fails because BTC does not have smart contracts, privacy technology or scale exploration.
He added that the economic quality of BTC is very weak, even BTC has to compete with cryptocurrencies that can achieve negative inflation, for example ETh post-merge and alternatives such as AVAX, NEAR and EGLD that have fee burning, high capacity and high utility.
The point is, Bons is not the first to use such language to describe BTC. In June 2022, China Blockchain Service Network (BSN) Chairman Yifan once stated that all unregulated cryptocurrencies including BTC are Ponzi schemes.
