Distinguished author Yuval Noah Harari recently made headlines with his statement expressing his disliking for Bitcoin. Speaking at the Bank of International Settlements (BIS) Innovative Summit 2024, Harari highlighted his concerns about the cryptocurrency, sparking criticism from the crypto community.
Harari, known for his historical perspective, emphasized the importance of trust in managing monetary flow and suggested giving central banks and governments the authority to create money. He argued that Bitcoin, rooted in a lack of trust towards financial institutions, is not something he favors.
This perspective directly contradicts the decentralized nature of cryptocurrencies like Bitcoin, which operate without central authority oversight. Some critics of Harari’s views highlighted the controversial history of the BIS during World War II, questioning the trustworthiness of traditional financial institutions.
The discussion around Bitcoin and central bank digital currencies (CBDCs) continues to intensify, with around 90% of central banks exploring or implementing CBDC pilot projects. Proponents of Bitcoin argue that it offers a decentralized alternative that could prevent the potential surveillance and control associated with CBDCs.
Overall, Harari’s remarks have ignited debate within the crypto community, highlighting the ongoing clash between traditional financial systems and the growing influence of cryptocurrencies.