Claiming that bitcoin will never regain its price after losing 70% in value compared to its historical maximum, Jorge Stolfi, a professor of computing at Unicamp, returned to attack the use of digital currency as a means of payment.
The new criticism came at Brazil’s “Bitcoin Beach” project, which takes place on Jericoacoara Beach, in Ceará.
When he saw a YouTuber buying water and paying with bitcoin, Stolfi claimed that the coin itself was of no use, but was just a “copy” of it.
The post that angered the teacher indicated that 1 banana costs students at a school just a fraction of a bitcoin (10 satoshis), and despite the transaction being public and verifiable by anyone who knows how to use a computer , the teacher said that is “lie.”
Stop these lies. You have not paid with bitcoins. You used a “bitcoin bank” and paid with “virtual bitcoins” – numbers in the company’s centralized database.
— Jorge Stolfi (@JorgeStolfi) December 6, 2022
After criticizing Bitcoin’s use, professor says price will never recover
Since bitcoin’s all-time high in 2021, when each bitcoin reached a price of $69,000, the coin has lost 76% of its dollar value, reaching $16,800.00 after 1 year.
The decline was dampened by disinterest in the market after central banks raised interest rates on fiat currencies. To make matters worse, brokers went bankrupt and dumped their bitcoins on the market, adding further pressure to the declines.
For Jorge Stolfi, as much as people try to use currency as a means of payment, it is terrible as an investment, but also bad as a means of payment. Bitcoin is the biggest “Ponzi scheme in history”, according to Professor Doctor of Computing.
stop this. These lorotas have been tired for years. Bitcoin is a 💩-like currency, a 💩
with the means of payment, and a major fraud as an investment. The biggest ponzi scheme in history. 🇧🇷— Jorge Stolfi (@JorgeStolfi) December 6, 2022
Believing that bitcoin is a fraud, the professor said the coin’s price will never recover.
Professor dislikes Real digital because of his involvement in blockchain
Brazil recently passed its first cryptocurrency law in the National Congress, which is now awaiting presidential approval from Jair Bolsonaro.
In addition, the country is studying a way to create the digital Real, a CBDC that can use blockchain in its infrastructure. The central bank’s idea is to convert Brazil’s money into a programmable and Web3 version.
But Jorge Stofi to believe that all this is a big waste of money, since when using blockchain, even the members of the central bank themselves would not be enthusiastic, according to him, after participating in an event.
“By the way, I recently sat on a panel with the central bank guy who oversaw the PIX project (a huge success) and the CBDC project (100% sure a huge waste of money because many “blockchain” companies were hired to make pilot studies), and he didn’t seem very excited about the latter.”
In recent years, Stolfi has variously addressed bitcoin as a scam, believing the technology doesn’t solve real problems.
For his speeches, Jorge took part in an international conference against crypto technology, considered one of the biggest bitcoin haters in Brazil.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
