Yuval Noah Harari Critiques Bitcoin at BIS Summit

Yuval Noah Harari, a prominent historian and author, recently expressed reservations about Bitcoinat the 2024 Bank of International Settlements (BIS) Innovative Summit. His comments triggered a significant backlash from the cryptocurrency community.

In his speech, Harari acknowledged a move toward digital currencies but stressed the historical trust in banks and governments to handle monetary policy, advocating for their continued role in money creation. He criticized Bitcoin, stating it was created out of distrust for these institutions, contrasting with cryptocurrencies' decentralized nature.

Charles Hoskinson, co-founder of Cardano, sharply criticized Harari's perspective, accusing him of misunderstanding cryptocurrencies, labeling it as "Dunning-Kruger on steroids." Additionally, a Bitcoin enthusiast named Walker highlighted the controversial history of the BIS during World War II, questioning the wisdom of trusting traditional banks.

The discussion also covered Central Bank Digital Currencies (CBDCs), with about 90% of central banks either exploring or starting pilot projects. Critics like Walker argue that CBDCs could lead to excessive surveillance and control over personal finances, whereas Bitcoin could potentially prevent such issues by offering a decentralized alternative. This ongoing debate highlights the growing tension between traditional financial mechanisms and the new digital currency landscape.