In the bitcoin industry, serial entrepreneur Nick Huber recently provoked uproar with a simple post that said, “Bitcoin doesn’t make any sense at all to me.”
The bitcoin community has responded to this direct statement—made by a well-known businessman—with great fervour.
Riling up crypto community
A few participants have brought up Bitcoin’s potential as a hedge against central bank policy and inflation. Some have questioned Huber’s level of bitcoin knowledge. Some even launched ad hominem attacks against the business owner.
Understanding what Bitcoin is and how it may fit into the global financial system is at the heart of the argument.
Supporters of cryptocurrencies contend that Bitcoin is an essential reaction to what they perceive to be irresponsible monetary policy and money creation by central banks.
Critics of cryptocurrencies, on the other hand, highlight Bitcoin’s extreme volatility and speculative character and cast doubt on its potential to function as a reliable store of value or medium of exchange.
Reason behind Huber’s bearishness
Graduate of Cornell University, Nick Huber is a well-known personality in the startup and real estate industries for his astute business decisions. His firm, Storage Squad, which he founded and grew over 25 college campuses, garnered him attention in the beginning. In the beginning of 2021, he finally sold it for a seven-figure price.
Huber has already spoken criticism of the bitcoin community. Huber jokingly compared critiquing Bitcoin or Ethereum on X (Twitter) in 2021 to disclosing a superhero’s frailty to ardent followers.
He disclosed a more intimate aspect of his bitcoin adventure in 2020, acknowledging that he was a jealous Bitcoin bear. Huber said that he had purchased thirty Bitcoins at $200 apiece and sold them for $220, losing out on the significant profits that ensued.
