In an op-ed published by The Elephant, Ciugu insists bitcoin is structurally incapable of delivering on its promise of becoming an alternative store of value or a hedge against inflation.
To further support this point, Ciugu makes reference to the U.S.
Meanwhile, the strategist denies that bitcoin is now being used extensively in El Salvador, the first country in the world to declare bitcoin legal tender.
These citizens rely on bitcoin for cross-border money transfers to avoid the high costs that come with such transactions, and also because most citizens of El Salvador, i.e.
Just like Buffet, the strategist also believes bitcoin investors have no expectations of making any future earnings except through engaging in zero-sum games with other speculators.
The strategist ends this long article by conceding that bitcoin will probably hit the US$100,000 mark in the near future as some analysts are predicting.
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