The non-illegal use cases of Bitcoin have not grown, in fact, they have declined in recent years, said Peter Berezin, chief global strategist at BCA Research.
Berezin told David Lin, anchor for Kitco News that Bitcoin is more likely to be a “fraud” than the future of legitimate investment.
“If you look at transactions involving Bitcoin, to this day, the majority continue to finance all sorts of illicit activities,” Berezin said. “But if you look at how much Bitcoin is used for legitimate business purposes, the answer is very, very little. In fact, some of the data that I showed during this debate with my colleague reveal that fewer transactions for legitimate business purchases are being made now than three years ago.”