I didn’t buy bitcoin for pennies because I thought it was a scam, says Ricardo Amorim

Economist Ricardo Amorim, who participated in the Flow Podcast, said he didn’t buy bitcoin when he discovered the digital currency because he thought it was a scam, even though its technology caught his eye.

At the time, he recalled that the world was looking to get out of the crisis of 2008, when bitcoin was announced and officially launched the following year.

Ricardo Amorim, known in Brazil as the country’s most influential economist, said he knew Bitcoin as a technology that conflicts with fiat currencies.

One of the consequences of bitcoin is the high energy consumption, says economist

In a conversation with Igor 3k on the Flow Podcast last week, Minister Paulo Guedes commented on the topic of blockchain and cryptocurrencies and gave his opinion on it.

A day later, Igor finally came back to this topic when he was in conversation with economist Ricardo Amorim and asked his opinion on the subject.

He recalled that he knows the subject and that he thinks that cryptocurrencies have a big impact on the world today. One is in the energy consumption sector, perhaps the biggest impact caused by mining activities.

According to Amorim, Ethereum has migrated its way of mining to improve the problem, but bitcoin has not yet.

In addition, he recalled that major companies in the world are affected by innovation, such as Nvidia, for example, which had sold many video cards and has now lost a large part of its revenue with the change of the Ethereum protocol.

“I didn’t buy bitcoin for pennies because I thought it was a scam,” recalls Ricardo Amorim. himself

Still in the conversation about cryptocurrencies, Ricardo Amorim recalled knowing bitcoin in the beginning and bought almost US$100.00 but he didn’t because he thought it was a scam.

According to him, the central bank of the United States printed a lot of money and there were fears that the value of the dollar would fall too much. Although he knew about bitcoin at the beginning, he couldn’t buy it because he thought it would be a potential scam.

“Where do you put the money in a crisis? I was thinking of precious metal, land, real estate. And then came a Satoshi Nakashima [sic], that no one knew who it was, if it existed at all, with a crazy idea that would create this currency. I even thought about buying it back there, I was right in the beginning. At one point I thought about putting $100.00 on this game. The funniest thing is why I didn’t. I thought it was a scam because no one knew the maker and I thought he could take my money and make me feel like the biggest idiot. Every scam has a nice claim, but I feel like an idiot today for not doing it.”

“Uptrend in cryptocurrencies is a reality, but governments shouldn’t make it easy”

On his current opinion on the matter, Ricardo Amorim stressed that the trend of cryptocurrencies is on the rise as many governments will continue to print money and fiat currencies will lose more purchasing power due to inflation.

However, he does not believe that governments will make life easy for cryptocurrencies and Bitcoin because they lose power. He highlighted China’s response to the sector, a country that has banned cryptocurrencies.

Amorim also said that the G7 could criminalize cryptocurrencies and overnight they could all massively devalue.

In his opinion, no one should be kept out of cryptocurrencies, but he cannot allocate too much either. The easy part for Amorim is when to buy Bitcoin, which he says should be when the price drops drastically.

“I see it as an option. It has a high probability of going to zero, but if it succeeds, you can make a significant amount of money, that’s how I look at crypto.”