Cat got your tongue? Bitcoin critics wither in 2020

Bitcoin (BTC) has had an interesting year, recovering from major sell-offs to eventually skyrocket to new all-time highs.

However, Bitcoin’s performance and cryptocurrencies increased adoption worldwide have still failed to bring some observers into the crypto camp.

Yet compared to other bull run years like 2017, 2020 has seen much less crypto criticism, with a number of Bitcoin naysayers appearing to have somewhat softened their stance towards digital assets.

As we look back on crypto in 2020, Cointelegraph has noted some of cryptocurrency’s biggest critics.

“Bitcoin has no future”: Russian politician Anatoly Aksakov

  • Date of quote: Oct. 23, 2020
  • Bitcoin price that day: $12,900

Anatoly Aksakov, a member of the Russian State Duma and a major representative of Russia’s crypto-related legislation efforts, was a noteworthy cryptocurrency critic in 2020.

The official is confident that the global adoption of payments in crypto like Bitcoin would result in a “destruction of a financial system.” In October 2020, Aksakov predicted that decentralized cryptocurrencies like Bitcoin have no future, arguing that central bank digital currencies, or CBDCs, are the future of the financial system.

While it remains to be seen what comes of Aksakov’s prediction about Bitcoin, some of his previous comments show that he isn’t exactly a prophet. In a May 2020 live stream talk with Maria Butina, Aksakov said that crypto mining “is becoming a thing of the past” due to Bitcoin’s third halving cutting the miner block reward from 12.5 BTC to 6.25 BTC.

“[Crypto mining] is not profitable anymore, and as far as I understand, this business is poised to disappear in future,” Aksakov argued. Despite this doom prediction, Bitcoin miners have come into some money over the course of 2020, with Bitcoin miner revenue surging to pre-halving levels as of early November.

In keeping with Russian authorities’ constant game of ping pong in regulating crypto, Aksakov regularly changes his stance…

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