‘The current hype around the cryptocurrency bitcoin can only be explained by greed and the fear of private investors to miss the boat,’ says Ivo Arnold, professor of monetary economics at Erasmus School of Economics, in an opinion in Het Nederlandse Dagblad. According to Arnold, ‘bitcoin cannot be seen as a serious alternative to money, nor does it say anything about trust in our money system.’
‘Bitcoin lacks two important characteristics that money must have: stability and an elastic supply. So, a bitcoin is more comparable to gold than to money, with the additional disadvantage that there are no decorative applications.’