๐ **Yuval Noah Harari Slams Bitcoin as "Currency of Distrust" ๐**
Famed philosopher Yuval Noah Harari, author of the best-seller "Sapiens," has recently voiced strong criticisms against Bitcoin, calling it a "currency of distrust." While he acknowledges the reasons for skepticism towards banks, he argues that Bitcoin's reliance on distrust of human institutions is a troubling trend.
Harari emphasizes that money's primary role is to foster trust among strangers, enabling large-scale cooperation. "I understand the causes for this distrust, but it is an alarming development," he remarked, urging humanity to rebuild trustworthy institutions instead of leaning on technologies rooted in skepticism.
๐ก Harari's Warning:
- **Trust in Algorithms:** He cautions that if we place all our trust in algorithms, they could end up controlling the world.
- **Historical Perspective:** Historically, limited trust in banks and governments led to money being minted from scarce gold, restricting economic cooperation.
- **Modern Finance:** Today, with 90% of money being digital data, trust is more abstract and harder to grasp.
In March, Harari also spoke out against the integration of AI into finance, warning that it could obscure financial regulations even further. He advocates for a better understanding and regulation of AI before its widespread adoption in the financial sector.
Harariโs insights remind us that human cooperation, driven by shared myths and trust, is what powers our world. ๐ ๏ธ
#Bitcoin #Crypto #Finance #Harari #Trust #AI
#Sapiens
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