Bitcoin has no societal value, Says Brad Sherman

A US congressman from California explained why Bitcoin can’t become a global currency.

Bitcoin completed around 13.5 years in this world and now the thinking of the population of the whole world is different with bitcoin. In 2009, when Bitcoin was created, no one was trying to use it but now the majority of the population is wishing to have at least one bitcoin in the portfolio, which is a very hard thing for the majority of the investors because the price is very high over any genuine other stock market asset. The majority of Bitcoin supporters believe that Bitcoin will become a global currency and people will use it as a store of value & and also will use in payment systems.

On 9 September, Brad Sherman, a US congressman from California, appeared in an interview with CNBC. Through the interview, Brad criticized all those Bitcoin supporters who think that Bitcoin may become a global currency. 

Brad explained that Bitcoin has no backup side to support economic growth, instead, people will use it for tax evasion, and also it has no social nature. In short, Brad claimed that Bitcoin adoption like a currency is not possible.

“Suppose it becomes a currency (Bitcoin). In that case, it will only be because it can outcompete the dollar for some pretty big markets, especially the tax evasion market, and that’s why it has no societal value. We want people to invest in assets that will build the American economy,” Congressman said.

Earlier this, Brad criticized Bitcoin and said that it should be outside the laws & banned but he admitted that it will be almost impossible to ban Bitcoin. At that time, this congressman said that Bitcoin can be controlled under more comprehensive laws & policies. 

Brad also claimed that if better laws will be imposed on Bitcoin then there are huge chances that it will lose its adoption rate because under the high profile laws people come to know about the real ability, which is nothing according to Congressman.

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