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Former hedge fund manager claims that Bitcoin, along with all its forks, has already surpassed the US dollar in terms of inflation - community responds with outrage: Fallacy!

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Former hedge fund manager claims that Bitcoin, along with all its forks, has already surpassed the US dollar in terms of inflation - community responds with outrage: Fallacy!

The popular "Felder Report" website host and former hedge fund manager Jesse Felder criticized the value of Bitcoin as an asset or currency in a new article, likening investors engaging in such transactions to moths to a flame. However, the Bitcoin community has come out in response, pointing out numerous inaccuracies in the article and suggesting it would have been better left unwritten!

Please Stop Asking Me About Bitcoin

Jesse Felder posted an article titled "Please Stop Asking Me About Bitcoin" on Twitter yesterday. In the article, Jesse Felder heavily criticized the value of Bitcoin as an asset or currency, stating that investors engaging in such transactions are like moths to a flame, inviting destruction upon themselves.

While everyone has their own preferences, Jesse Felder is not the only one opposed to Bitcoin, nor the most prominent, but the arguments he presented in the article have sparked strong backlash from the Bitcoin community, even suggesting that as a professional in the financial industry, making such inaccurate statements is truly shocking.

So, what did Jesse Felder say that triggered the collective backlash from the Bitcoin community? Firstly, Jesse Felder claims that treating Bitcoin as an investment asset or currency substitute is fundamentally unreasonable. Bitcoin cannot guarantee capital preservation or provide stable returns, so it can only be seen as "speculation" rather than "investment." Additionally, Jesse Felder also stated that Bitcoin has never become a true payment tool, and more importantly, as a tool for storing value, cryptocurrency enthusiasts have witnessed numerous failures. He also questioned the argument that Bitcoin cannot be stolen.

"Despite cryptocurrency believers claiming it's impossible, millions of dollars' worth of Bitcoin have been hacked. I don't like dollars, but at least hackers can't steal $20 from my real-world wallet."

Finally, Jesse Felder pointed to Bitcoin's past experiences of hard forks, criticizing the argument that "Bitcoin's limited supply makes it more attractive than fiat currencies printed unlimitedly by central banks."

"Bitcoin has forked several times, leading to a doubling of the circulating supply and type of Bitcoin. In fact, if you add up all the hard forks Bitcoin has experienced since its creation, the circulation of Bitcoin has actually inflated faster than the U.S. dollar, that's a fact."

In conclusion, Jesse Felder's conclusion is that Bitcoin is essentially a Ponzi scheme, and those entering now will not have a good ending.

Fierce Community Backlash

After the article was published, several well-known figures from the cryptocurrency community came forward to refute Jesse Felder's arguments in the article. Nic Carter, co-founder of Coin Metrics, stated that almost all the content in the article is wrong and shared a previously written article explaining that hard forks do not dilute the value of Bitcoin.

Anthony Pompliano, co-founder of Morgan Creek, stated that the arguments in the article are really inaccurate and expressed that if Jesse Felder is open-minded, he would be happy to have a phone call to help him understand Bitcoin correctly.

Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, unleashed strong criticism, pointing out that Jesse Felder was lazy in his research and shouldn't have written the article. Lawrence Lepard, founder of Equity Management Associates, listed all the errors in the article one by one.