HomeMarketsBitcoinBitcoin Naysayers: TransferWise Co-founder Taavet Hinrikus

Bitcoin Naysayers: TransferWise Co-founder Taavet Hinrikus

Many people have dismissed the potential of Bitcoin over the years. Those opinions are controversial, although not necessarily wrong. TransferWise co-founder Taavet Hinrikus is one of the many individuals proclaiming Bitcoin to be dead.

TransferWise Co-founder Misses the Mark

Everyone in this world is entitled to their own opinion at all times. Uttering that pinion online is certainly plausible, albeit one also has to be willing to bear with the responses. For TransferWise co-founder Taavet Hinrikus, his interview in April of 2016 will always remain legendary, albeit possibly for the wrong reasons. 

In that particular interview, Hinrikus claimed Bitcoin is “dead”. While the world’s leading cryptocurrency is very controversial in many ways, it has never ceased to exist. If anything, it has become one of the most resilient forms of currency in the world today.

While the Transferwise co-founder was only sharing his opinion on this matter, some of his statements still don’t sit well with the community today. Hinrikus claims “no one is using Bitcoin” and how “the Bitcoin experiment is over”. All very interesting opinions when taken at face value, but it is fairly evident that this individual has missed the mark completely. 

Price Fluctuations Remain a Topic

One of the primary issues Hinrikus has with Bitcoin is how people “buy it and expect it to be worth more tomorrow”. That is certainly the mindset of a lot of traders, especially those who missed the 2017 all-time high. At the same time, this represents a minority of the entire Bitcoin community. Plenty of holders and investors envision a long-term strategy first and foremost. 

As far getting real people to really use Bitcoin, things have been rocky from day one. Not too many service providers or shopping sites are willing to touch cryptocurrencies. Things have certainly improved over the years, but there is no real push for mainstream adoption by any means. 

As far as Bitcoin allegedly “not solving any problems” for the TransferWise co-founder, the opinions are also divided. It is certainly true that there are plenty of problems in the financial sector for those willing to see them. The average person on the street may not have an immediate need for Bitcoin at this time. Owning it can still change one’s life regardless. That doesn’t apply to almost all forms of traditional finance today. 

A Jealous Competitor?

The Bitcoin community did not take a liking to Hinrikus’ words. Some even proposed how he was uttering these comments to make his own company look stronger. After all, TransferWise is in the process of making global money transfers faster and cheaper. 

It is the same model as the one Bitcoin employs, albeit the world’s leading cryptocurrency does so without appointing CEOs or having company registration numbers. Moreover, Bitcoin lets users control their own finances at all times, including the fees they pay to move money around the globe.

Competition in the digital payments industry has heated up significantly over the years. This space is primarily dominated by companies and startups vying for traction. A decentralized, leaderless project like Bitcoin seems to be an odd duck in the pond. That odd duck may very well be the only one left standing in the end.

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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