An early Bitcoin investor and entrepreneur says BTC has essentially morphed into a pyramid scheme.

In a new interview with BlockTV, Roger Ver explains why he thinks the Bitcoin ethos has changed for the worse in recent years and why he supports Bitcoin Cash, the fifth-largest cryptocurrency by market cap.

“The biggest argument I hear from the Bitcoin people is like, ‘Buy this and hold it and don’t do anything with it and the price will go up and you can sell it for more later.’ Whereas with Bitcoin Cash and many of these other altcoins out there, I hear them saying, ‘This is more useful than PayPal. This is more useful than your Bank of America account. This is more useful than your credit card. Try this because you can save 25% on Amazon by using Purse.io.’

They’re out there telling people this solves real problems for you in your life. It makes your life easier if you use cryptocurrencies in your life. That’s what’s going to drive the next billion people to start using it. Not the promise of just hold it and do nothing with it and hopefully you’ll have more money later if we can convince other people to hold it and do nothing with it. That’s just basically a pyramid scheme and that’s, to me, not interesting. I want to build useful tools that make people’s lives better so they have options that are even better than PayPal or Visa or Bank of America.”  

The entrepreneur and CEO of Bitcoin.com says he thinks people need “economic reasons” to begin using cryptocurrency, and pure speculation is not enough to drive adoption in the long run.

Back in mid-2017, Ver began promoting Bitcoin Cash (BCH), a fork of Bitcoin with a larger block size designed to increase the speed of transactions.

Ver, who earned the nickname “Bitcoin Jesus” for his outspoken early praise of Bitcoin, says he’s never been a Bitcoin maximalist and has always been a “utility maximalist.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mia Stendal

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