Bitcoin users are familiar with the general critical sentiments tied around the asset, the majority of which is environmental sustainability. The debate surrounding Bitcoin’s energy usage has stirred up different theories from market players.
Essentially, environmental disasters that could hinder business, like the case of blackouts in Iran have been the most recent case for concern. However, according to Qi Qiang, the assistant director at a Chinese University, the mass adoption of Bitcoin may pose a threat to the human race.
Bitcoin could cost humans their lives?
In an interview with CGTN, the worse scenario on what kind of systemic shock it would give to the current financial system if Bitcoin gains mass adoption in China and the rest of the world, according to Qiang, will be “death.”
“If Bitcoin will become the ultimate type or form of currency that is adopted by the human society, we are all going to die. This is not a joke.”
The logic behind Qiang’s reasoning is that Bitcoin’s limited supply positions it as a deflationary asset, one that would not be sustainable if the entire society were to depend on it entirely.
The researcher’s views have been considered extreme and almost laughable to some, who believe that his thoughts are merely fueled by fear, uncertainty, and doubt (FUD).
Bitcoin as a stand-alone asset? Possible or a myth?
Meanwhile, from a different perspective, Qiang may be making a similar argument like some observers who believe that Cryptocurrencies do not have the capacity to replace fiat. Instead, according to this school of thought, Bitcoin and its counterparts can function and succeed effortlessly, without dismantling the traditional financial system.
Although no prominent Bitcoiner or critic has fully taken Qiang’s stance, the likes of Elon Musk agree that Bitcoin may not be the only successful surviving asset in the long run. Musk is of the opinion that Bitcoin has a purpose to serve, along with many other altcoins. However, he disagrees with many who opine that Bitcoin will be the major replacement to Fiat.
Recall that in the Bitcoin whitepaper, the asset’s creator Satoshi Nakamoto explains how he sees Bitcoin as a potential fiat competitor: a role that many key industry players believe Bitcoin is no longer playing, as they point fingers at the culture of using the asset as a “get rich quick” tool, rather than an independent payment medium for global use.