Former Greek finance minister Yanis Varoufakis has argued that Bitcoin creates “a kind of feudalism run by the early adopters” and that it would be outright “catastrophic” if it replaced fiat currencies. However, he said, there is still a lot of good that digital assets can bring to the world.
In an interview with Greek Reporter, published yesterday, Varoufakis opined that Bitcoin’s greatest strength—its finite supply of 21 million coins—is also its biggest weakness. “Given its fixed supply and given the fact that there is no democratic mechanism to determine who gets and how many Bitcoins, it creates a kind of feudalism run by the early adopters of Bitcoin,” he said.
This is because “money is always political,” he added, and “the question is whether it will be democratized or not.” Ultimately, Bitcoin proponents who believe that it will democratize money are “are completely wrong,” said Varoufakis.
Bitcoin 'catastrophic’ in times of crisis
Bitcoin’s
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