Justin Bons, founder and chief investment officer of Cyber Capital, has said that due to the lack of technological progress, Bitcoin is "a purely speculative asset without utility."
According to him, Bitcoin's value proposition has deteriorated due to a broken long-term security model, relatively weak economics, low bandwidth and a lack of programmability and composability.
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Bons has previously been an advocate of Bitcoin, but he has changed his mind due to the community's refusal to increase the block size limit. According to him, this "was a major departure from the original vision and purpose of Bitcoin."
Bons has explained:
"The world has moved on. It used to be said that BTC would just adopt the best technologies. This thesis has obviously completely failed. BTC has no smart contracts, privacy tech, or scaling breakthroughs."
Bons has pointed to the introduction of superior token creation methods by competitors, as well as payment mechanisms that could cause deflation.