Buying 1 BTC is ‘like owning 60 cars?

[mr_ROBOTT]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

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[Kittygalore]

I did some search about the cheapest car, and a 15k seems to be the lowest, which means that 1 bitcoin is worth around 900k USD which doesn't prove anything but that bitcoin can grow much bigger if we just let it, I think that this person just played himself. The reason that bitcoin has a slow transaction is that it doesn't have the same infrastructure as a traditional financial institutions that are heavily flawed.

[remotemass]

Well, OSHO, the so-called "sex guru" had 93 Rolls-Royces...
https://autojosh.com/meet-osho-rajneeshthe-indian-sex-guru-who-had-93-rolls-royces-in-the-80s/

Can it get better than that?  

[mocacinno]

The least i can say, without even reading the article, is that he got his numbers wrong... 1400 tx's/hour   Nah... about >2000 tx's/~10 minutes... ON-CHAIN....

So, if you're only talking about one crypto (bitcoin), and you completely disregard the off-chain sollutions, you still have a troughput of > 12.000 transactions/hour.
If you factor in the lightning network (wich only needs an on-chain tx for opening/closing channels) and the fact some webwallets (like coinbase) allow offchain transactions between their members (i don't condone the use of a web wallet tough), and the fact stable altcoins are used aswell (i've bought things using litecoin in the past), the troughput becomes hundreds of times larger than those 12.000 tx/hour.

[leea-1334]

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

[Lorence.xD]

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

Well, cars depreciate in value for a long time, so I get why he compares it somewhat with cars, but that is not the case with bitcoin, considering the current prices, I think that it is the reverse. FUDs will always be there no matter what happens so the best we can do is challenge their claims.

[aoluain]

Just read the first paragraph and didnt read any further because says it all

Bank of America analyst Francisco Blanch has slammed Bitcoin as "exceptionally volatile", "impractical" and an environmentally disastrous asset that's useless as a store of wealth or an inflation hedge.

Rolling out the old "volatility" stick to beat Bitcoin again, its old now.

What is he comparing Bitcoin to that is better as a store of wealth?

He's just another frightened banker voicing his opinion hoping Bitcoin will disappear.
We have heard it all before.

[jerrison]

I remember when 1 bitcoin was valued at way less than a thousand dollars and then it could be used to buy loads of stuff but definitely a car, but today we see the increase in price of bitcoin over the years ahs given it massive price appreciation that can make it afford to buy more than 5 cars depending on the price per unit. Bitcoin is indeed a great tech and as well a great investment.

[Lucius]

mr_ROBOTT, you didn't understand the article in the true sense of what the BoA analyst wanted to say, and it's actually a comparison of buying 1 BTC for $50 000, and that purchase have the same carbon footprint as 60 cars.

And retail 'wholecoiners' weren't spared from environmental blame with the analyst claiming:  "A single Bitcoin purchase at a price of ~$50,000 has a carbon footprint of 270 tons, the equivalent of 60 ICE [petrol] cars."

This is further based on the fact that most crypto miners use fossil fuels, and it has been proven countless times that the largest crypto mining farms are located near the largest hydropower plants - and that they use this type of energy. Bank of America has been well known for its anti-Bitcoin stance for years, and it should come as no surprise that they continue to try to influence the public with such appearances.

Maybe their opinion means something to those living in the US, but to everyone else this is just another in a series of episodes “Bitcoin is bad” that shouldn’t get too much attention.

[aysg76]

It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.

The current TPS for Bitcoin transactions is 7 and if you are good at maths you can find true results yourself
7*60= 420 transactions per minute
420*60= 25,200 tp/hour
So how come he calculated 1400 tp/h I don't know

Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

If we make comparisons among Bitcoin electricity consumption and banking sector electricity usage we will find true picture here also.Although Bitcoin mining uses high amount of electricity and many have argued before also but if we make comparisons to banking sector usage it's much lower.Bitcoin consumes around 32.56 TWh. Banks comprise of servers cost,branch electricity cost,ATM cost mainly.Only in USA there are about 1,00,000 branches which uses high amount of electricity.Branches have light bulbs,air conditioning,servers, desktop running for most of the time say 8-9 hours a day five days weekend.Taking average we can say a branch cost 10kWh electricity consumption and if we multiply that by each branch it would be much higher than Bitcoin mining consumption.So Francisco the head at Bank of America is another banker who will be always against Bitcoin and try to spread fake things about it.

[androyster]

It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.

The current TPS for Bitcoin transactions is 7 and if you are good at maths you can find true results yourself
7*60= 420 transactions per minute
420*60= 25,200 tp/hour
So how come he calculated 1400 tp/h I don't know

Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

If we make comparisons among Bitcoin electricity consumption and banking sector electricity usage we will find true picture here also.Although Bitcoin mining uses high amount of electricity and many have argued before also but if we make comparisons to banking sector usage it's much lower.Bitcoin consumes around 32.56 TWh. Banks comprise of servers cost,branch electricity cost,ATM cost mainly.Only in USA there are about 1,00,000 branches which uses high amount of electricity.Branches have light bulbs,air conditioning,servers, desktop running for most of the time say 8-9 hours a day five days weekend.Taking average we can say a branch cost 10kWh electricity consumption and if we multiply that by each branch it would be much higher than Bitcoin mining consumption.So Francisco the head at Bank of America is another banker who will be always against Bitcoin and try to spread fake things about it.

Well stated!  I never thought about how much bank branches use in electricity compared to bitcoin mining.

[michellee]

If I meet him, I want to say that he should sell all of his bitcoin if he owns bitcoin and never dealt with bitcoin and leave bitcoin alone because I am sure people who benefit from bitcoin will still use it.

If 1 bitcoin is like about 60 cars, how about people who own more than 1k bitcoin? They really have a hundred car in their garage, and they should have a big parking yard for their car

[DdmrDdmr]

It often pays off to read the referenced article to get a grasp of the meaning of things that seem off. Few have gone past the post’s heading (similar to the referenced article’s heading), and actually found it misleading enough to dive into the article’s content, only to discover that the subject was not bitcoin’s purchasing power, but rather its carbon footprint compared to 60 petrol based cars.

Not that the statement was backed by any numbers or such, but there we have it, the whole topic is really about something rather different to what it seems.

Note: The goes my post number 6666 (actually, my second attempt, since I deleted my prior post number 6666 for being belittling to the radiant number).

[dothebeats]

The numbers are completely wrong, and I think the statement is just made to spite bitcoin or get attention. If this is an issue about 'value' then it's completely off. As for the context of owning 60 cars, I don't think his statement supports what he wants to get out. We all know that the whole banking and finance industry consumes more power than bitcoin, plus the latter employs more greener power sources with less carbon emissions, so it's really a statement not carefully put together and not just us being bias with bitcoin because we love it.

[best123]

He spoke for himself. If he does not like Bitcoin transaction speed and volume. what of other use cases of Blockchain technology? There are so many thing Blockchain is contributing to the world economy.
"Buying 1 BTC is ‘like owning 60 cars?" Beloved this your caption is misleading.

[hugeblack]

I wonder how a well-educated man could say such things, at least why did he not do a little research before making such accusations?
If the article is true, then Bank of America has hired the wrong person or he is lying in order to influence the bitcoin price.
Generally, investors are smarter than this and are able to verify the authenticity of the information.

[AnonBitCoiner]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

This comparison is very huge comparative concept.Price of car is the half of bitcoin price. Say 0.5 btc is equal to the value of 1 car with standard quality. Maximum value of an bitcoin is between 2-3 cars maximum. I don't know on whay basis you made a commitment of 60 cars.May be the profits earned from 60 cars is equal to the profit earned from 1 bitcoin.

[Innerpumper]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

But by comparison, there are so many advantages of bitcoin. Even if it says that, no one wants to get out of bitcoin at the moment. When you've bought in 2017 and held until now. How you feel that wealth is real. Thinking in theory is endless. It would make sense if we already had bitcoin and got rich afterwards.

[NeuroticFish]

60 cars... interesting.
Well, right now you can buy 60 wrecks for that money, that's for sure. I wouldn't call them cars though.
But maybe he foresees the future, when maybe 1 BTC will be highly enough priced for 60 cars  

Although he may have a point about speed (although it could be by luck), he seem to have gotten wrong all the rest. So.. yeah..
Btw, who's this troll? Another guy who wants his name on the news?

[milewilda]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

FUDS.
Common things that do exist on this market.Its neither you could take those seriously or just simply say some "meh" on it. lol. They have countless attacks or criticisms on bitcoin
but look at on how far we do able to reach out? How big it did become for just a decade? For how big the recognition with big companies and billionaires out  there?
All the thing they can do is neither to give out false information or would just simply like to ride with the train.

[boyptc]

He's a banker? just like those bears that have been telling about negative about bitcoin, they won't change until they own one.

But maybe he foresees the future, when maybe 1 BTC will be highly enough priced for 60 cars 

Just as what I think, it's probably a hint that in the future we might get to purchase 60 brand new cars for the price of 1 bitcoin. 

[Yurkov]

You can't compare apple with oranges. Centralized Visa system can process immense number of transactions per second also there are blockchains that can process way more transactions then bitcoin. But still bitcoin leads everything and there is not a single reason for this dominance.
If processing more transactions per second is the criteria then bitcoin would have died long ago.

[Bilgent]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

Then why doesn't he explain the reason so many people are using Bitcoin, many are very interested in it and the number of the users continues to increase as time goes on? And I don't think it is a true thing to compare Bitcoin with VISA. When it comes to energy consumption, some people still behave like there is only Bitcoin that is consuming too much electric right now. Besides, VISA made a statement like they will be starting to accept Bitcoin. It is another big thing for Bitcoin adoption also. It is really funny to see that there are still people like this doing whatever they can to degrade Bitcoin and the market.

[Rruchi man]

I find the subject of this topic very confusing, reasons being that i don't consider buying btc ( something that can be considered an asset that is,has the potential to appreciate with time) to be like owning 60 cars (something that can be considered a liability, because it's value depreciates with time). The comparison to me simply is not befitting.

[DarkDays]

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

Well, cars depreciate in value for a long time, so I get why he compares it somewhat with cars, but that is not the case with bitcoin, considering the current prices, I think that it is the reverse. FUDs will always be there no matter what happens so the best we can do is challenge their claims.

I agree. While I get the concept, the analogy to cars for me doesn't work for the same reason as above - time depreciation of the asset- which is definitely not the case with holding BTC. The point I can extrapolate from this though is that being able to invest now in BTC (at least 1 whole BTC) will set you up in the future where you can buy 6 'new' cars...

[Welsh]

This is further based on the fact that most crypto miners use fossil fuels, and it has been proven countless times that the largest crypto mining farms are located near the largest hydropower plants - and that they use this type of energy. Bank of America has been well known for its anti-Bitcoin stance for years, and it should come as no surprise that they continue to try to influence the public with such appearances.

Maybe their opinion means something to those living in the US, but to everyone else this is just another in a series of episodes “Bitcoin is bad” that shouldn’t get too much attention.

This isn't just the Bank of American, unless they are the ones funding it, but there's a campaign against Bitcoin all around the world. In the UK we've got various terrible tabloid newspapers which spout this nonsense all the time, but from time to time I'm seeing this sort of propaganda against Bitcoin on more "reputable" news sites like the BBC. Of course, the BBC are state owned, and you could assume that they would naturally want to report against Bitcoin. However, the BBC although definitely bias, are better than a lot of the miss match news outlets of today.

I'm wondering whether there's someone funding this sort of propaganda rather than it being personal view points of each "specialist". Since, I would like to think positive news regarding the Bitcoin price would get more clicks, and grab peoples attention more. However, despite the recent climb in price, I've seen the mention of it being a bubble which will "certainly pop" or like you mentioned the amount of power that Bitcoin miners use....you know ignoring much of what the world uses.

[acener]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

They could say what ever they want but why would we even care about those kind of comments?
Hater's gonna hate no matter what you say they would just ignore it so we should just do the same.

[Steeley]

This growing argument that Bitcoin is environmentally damaging is stupid. It lacks any context of comparison. In the same vain you can say banking is wrecking the universe. The amount of damage to the environment caused by mining metals and resources to print fiat, producing the fiat, transporting it to the world, protecting it from theft, maintaining a system of connected bank networks and the everyday use of computers and electronic filing adds to a big bite out of the environment. I started to collect the data that could answer this, but I’m too busy to chase this all down right now. What amount of energy does traditional banking use? I bet it is enough to call bs on this argument against bitcoin.

Also, the crypto mining innovations that are occurring around using trapped or difficult to distribute energy are pretty awesome. It’s also still very early in the infrastructure of this emergence. Crypto energy use is going to drop dramatically.

[Kong Hey Pakboy]

I find the subject of this topic very confusing, reasons being that i don't consider buying btc ( something that can be considered an asset that is,has the potential to appreciate with time) to be like owning 60 cars (something that can be considered a liability, because it's value depreciates with time). The comparison to me simply is not befitting.

That is the reason why it is a FUD to attack bitcoin, they think that bitcoin depreciates in value overtime which isn't true given the price charts for the past 10 years of its life. It really is not befitting because this was supposed to confuse the people which is evident with your reply, they need to make the people hesitate in their decision when it comes to bitcoin.

[GeorgeJohn]

Everyone has its concerns via bitcoin, mostly people that always emphasis negatively concerning bitcoin is the people that is against bitcoin, I could remember that I made.... Stipulating that rich people is against bitcoin, the person emphasising about shutting down of bitcoin is one of them..... Emphasising that buying 1btc is like owning a 60 cars. I disagree with you because it depends the country we are residing because in my country 1btc can not even afford one executive car, shall it depends on the kinds of cars you're emphasising on.

[Kelvinid]

There's a lot of people have that kind of mindset, we can't force them to believe of what we think about Bitcoin. We talk, they don't listen, and there is no way to make them corrected until the time they found it. Or the worse case, they hate at all. 

Btw, who's this troll? Another guy who wants his name on the news?

Just another guy from nowhere. That person just coming out and blah blah, I think...we never know him, he needs only attention.

[Karartma1]

Depends on the cars one wants to buy   Lamborghini is still out of sight but you can get a decent Jag with BTC.
Back to the article, the guy's too biased. He should first tell us how much energy consumption goes for the global operations of BoA.
After that we might start talking about BTC.

[lifeforcepools]

So far, this is not quite true, but it will happen in the near future.

[Lucius]

This isn't just the Bank of American, unless they are the ones funding it, but there's a campaign against Bitcoin all around the world.

Of course, it's not just BoA, but I remember them for always being negative about BTC, it's just become boring to read the same thing over and over again - it's something in the sense that if you repeat something 100 times, then it will become true.

In the UK we've got various terrible tabloid newspapers which spout this nonsense all the time, but from time to time I'm seeing this sort of propaganda against Bitcoin on more "reputable" news sites like the BBC. Of course, the BBC are state owned, and you could assume that they would naturally want to report against Bitcoin. However, the BBC although definitely bias, are better than a lot of the miss match news outlets of today.

I didn't notice that my local media wrote too much about BTC at all, there was a lot more at the end of 2017 - even state television had a whole show on the subject, but now there are mostly current pandemics or unfortunately quite devastating earthquakes that have happened in the past year occupy the media space. Maybe it's better that way, because the amount of nonsense that such media wrote on the subject of BTC is something that was really hard to read and hear.

I'm wondering whether there's someone funding this sort of propaganda rather than it being personal view points of each "specialist". Since, I would like to think positive news regarding the Bitcoin price would get more clicks, and grab peoples attention more. However, despite the recent climb in price, I've seen the mention of it being a bubble which will "certainly pop" or like you mentioned the amount of power that Bitcoin miners use....you know ignoring much of what the world uses.

I don't think there is a simple answer to this question - I believe that part of the negativity may even be due to the influence of structures that want to prevent Bitcoin from adapting more than is already the case, but most of the bad things the media serves are in my opinion a consequence of ordinary ignorance. I have personally had very unpleasant experiences when I have talked to people about this topic, from the fact that only criminals deal with such things or to the fact that BTC will destroy the environment more than any other industry.

[0t3p0t]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

So are you able to maintain those 60 cars for long term? I don't think Bitcoin can be compared to buying like 60 cars nowadays you need space for it all. Bitcoin will still be the best long term  investment and billionaires are now taking part of it. Bitcoin is scarce and future proof.😁

[larus]

Article main point sounds completly stupid. However, he is right about btc TPS. It just too low

[Spack17]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

Destroying Bitcoin? He really believes such thing can be done? It is really hilarious.    Some people still don't want to understand that cryptocurrencies can't be destroyed by anything. And it is a really awkward comparison between 1 BTC and 60 cars.  

[AicecreaME]

Buying 1 BTC is like owning 120 cars or even 240 cars, if you know what I mean. Buying 60 cars will give you nothing but mere expenses in the long run while having 1 Bitcoin can give you profits every year depending on the market situation. In short, having Bitcoin is good in the long term as an investment. Don't listen to people who don't have Bitcoin, listen to those who loves Bitcoin and ignore others, their opinions are just garbages.

[mocacinno]

Buying 1 BTC is like owning 120 cars or even 240 cars, if you know what I mean. Buying 60 cars will give you nothing but mere expenses in the long run while having 1 Bitcoin can give you profits every year depending on the market situation. In short, having Bitcoin is good in the long term as an investment. Don't listen to people who don't have Bitcoin, listen to those who loves Bitcoin and ignore others, their opinions are just garbages.

Well, I think it's important to keep an open mind... Sometimes outsiders will notice flaws insiders don't... If all bitcoin enthusiasts would only listen to other bitcoin enthusiasts, we'd miss a critical view from time to time.
But in this case, yeah, it's garbage  

Article main point sounds completly stupid. However, he is right about btc TPS. It just too low

TPS is low, but defenately not as low as written here... When i read (and i quote) "1,400 transactions per hour" in the OP, i completely stopped reading... It's obvious a person making such statements hasn't done his/her homework, or has the sole intention to spread FUD, and i'm not willing to spend my time disproving anything in case an article is written with such blatant errors and utter ignorance.

As for TPS, you have bech32 wallets that increase the TPS, you have offchain sollutions (like LN, or non-custodial services), you have altcoins... I'm pretty sure the TOP-20 blockchains would be able to take over most (if not all) transactions IRL if enough off-chain sollutions were to be used, and the on-chain transactions were spread over 20 blockchains.

[Botnake]

He has a good point, he is actually right on point because he compared bitcoin's transaction capability to visa. However, he failed to realized that people are not investing on that reality, they are investing on decentralization and they treat bitcoin as a security and store of value than a payment system.

About 1 btc to 60 cars, well depending on the value but cars do depreciate over time while bitcoin appreciates.

[MCobian]

Francisco Blanch said the bad thing about Bitcoin was natural because he was a banking person,  I'm sure everything Blanch says won't have
a big effect on the development of Bitcoin. Not many people will pay attention to what Francisco Blanch said, he is just afraid Bitcoin is becoming
more and more accepted by many people. Francisco Blanch only looks for the weaknesses of Bitcoin, without comparing with the benefits provided
by Bitcoin. Francisco Blanch's assessment of Bitcoin is not neutral, he is just a person who is afraid of technological advances.

[DdmrDdmr]

Just a quick stat on how many posts have understood the 1 BTC = 60 car thingy so far:

N.A. corresponds to posts that are not applicable to the stat, since they do not reference the car comparison. 'No' over 'yes' is pretty much fivefold, something to reflect upon.

In order to get the meaning we need to dive into the article. That being said, the confusion could have been avoided by referencing the context in the OP (since the car/btc comparison is the heading).

[RokokGudangGaram]

it depends also on what kind of cars. We could not look in the future. Cars will always keep some value. it is risky to compare it. Nowadays you have 3 decent cars for the bitcoin value

[DatKing]

Buying 1 BTC is like owning 120 cars or even 240 cars, if you know what I mean. Buying 60 cars will give you nothing but mere expenses in the long run while having 1 Bitcoin can give you profits every year depending on the market situation. In short, having Bitcoin is good in the long term as an investment. Don't listen to people who don't have Bitcoin, listen to those who loves Bitcoin and ignore others, their opinions are just garbages.

It is really a nice point of view. Let's say you have 60 cars and 1 BTC both. The prices of cars that you own will not go higher in years (as long as you don't live in a third world country). But you can make a great profit if you HODL. There are still people like this who are totally against Bitcoin and they will always be. I don't also recommend anyone to listen to that kind of ridiculous statements.

[Noctis Connor]

it depends also on what kind of cars. We could not look in the future. Cars will always keep some value. it is risky to compare it. Nowadays you have 3 decent cars for the bitcoin value

It's really true depends on the value of the cars when he wants to own a 2nd hand cars then he can easily get those into price range of $1000 to $2000 dollars but when you want a luxury one then you can only own atleast 3 or maybe 1 but we didn't want to because we only looking forward that we want to earn more or i need to make business that can support my self while im living and save some of my money for the future bike can help you too it can give you healthy lifestyle.

[Asuspawer09]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

I mean bitcoin has really progressed throughout the past years, adaptation in bitcoin and even the market price was surely nothing compared to when it was just created.

When bitcoin was 100$ nobody was thinking it will reach 60k$ in the market, for most people it was ridiculous, and now buying around 50k$ was considered a good buy or already a drop.

I mean I wouldn't buy just some cheap cars probably here in my country 1 bitcoin could buy 6 decent cars, but I guess in the future you could do that since bitcoin value is really ridiculously increasing.

[Findingnemo]

I am willing to pay him 1BTC and please ask him to buy me  60 cars or atleast 60 cars which are in running condition. The comparision itself is stupid thing so just avoid those stupid people's statement like a plague. Maybe in future we can own 60 cars by simply paying 1 BTC until that keep on HODLing.

[Coyster]

In order to get the meaning we need to dive into the article. That being said, the confusion could have been avoided by referencing the context in the OP (since the car/btc comparison is the heading).

I second that, and not just referencing that part of the article in the OP, but also should have put the title of the thread in such a way as to reflect the true meaning of what the article reads about the BTC/car stuff, the title of the thread looks more like: buying one BTC is equivalent to buying/owning 60 cars, or owning 60 cars is much better than buying BTC since the article is more of a swipe taken at Bitcoin.

I am willing to pay him 1BTC and please ask him to buy me  60 cars or atleast 60 cars which are in running condition. The comparision itself is stupid thing so just avoid those stupid people's statement like a plague. Maybe in future we can own 60 cars by simply paying 1 BTC until that keep on HODLing.

It could very well be possible that down the years one Bitcoin could buy 60 cars, but that was never what the article linked in the OP thought to say, it's totally different, I suggest you read the article to understand it all.

[KryptoKings]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

While everyone is entitled to his views, this Francisco Blanch is totally ignorant of Bitcoin benefits.
He compared visa to BTC while these are different as Apple and oranges.
I think he was trying to create some FUD with his little knowledge so that he can buy some BTC and save himself some embarrassment of not having any.

[Yatsan]

This shows an opinionated thought about Bitcoin that seems to have no further better understanding of what Bitcoin is really all about and what benefits and features does Bitcoin can cater making people to be attracted into it. People seems to be likely always seeking potential and possible negativity against Bitcoin making it a point releasing statements that confuse other people's mind and are starting to doubt Bitcoin credibility when it comes to performance. Well, it is still his own opinion with regards to what he understand about Bitcoin comparing it into like owning 60 cars for having 1 Bitcoin. It is still up into us if we will just believe into such statements or make it a point to just ignore it knowing the fact that we further understand more than that about Bitcoin itself compared to him.

[Twentyonepaylots]

Nothing but the rich giving uneducated and biased opinions about bitcoin. As if we're nit used to it. Last couple of months it was JP Morgan, then next thing we found out they are integrating bitcoin into their banking system. The way these bankers and rich are kneeling to the power of the collective poor people is funny, and I believe this is payback time.

This shows an opinionated thought about Bitcoin that seems to have no further better understanding of what Bitcoin is really all about and what benefits and features does Bitcoin can cater making people to be attracted into it. People seems to be likely always seeking potential and possible negativity against Bitcoin making it a point releasing statements that confuse other people's mind and are starting to doubt Bitcoin credibility when it comes to performance. Well, it is still his own opinion with regards to what he understand about Bitcoin comparing it into like owning 60 cars for having 1 Bitcoin. It is still up into us if we will just believe into such statements or make it a point to just ignore it knowing the fact that we further understand more than that about Bitcoin itself compared to him.

Exactly. Thing is, critics of bitcoin would often focus on how volatile it is, how unconventional and unprpfitable it will be in the long run, and all that crap, but bitcoin consistently breaks these barriers and altogether changes the way people think about it. Next thing we'll know, Blanch is holding a couple of bitcoins himself.

Lmao

[btc78]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-cointelegraph60-cars

So Let them Use Visa while we are enjoying our Financial Freedom and Moving forward in life.

They wanted to be centralized when we are decentralized .

They Wanted to Be Under Government monitoring while we are not.

Life Means Freedom and they are free to choose what they wanted to use so Why need comparison?

We are not into the fastest transacting but for the safest and freely.

I will still choose Bitcoin than any credit cards or any Online system of Paying.

[StartupAnalyst]

Despite all the criticism of some banks and people that Bitcoin is bad and don’t worthy of attention because of low speed of transactions and high volatility billionaires continue to invest huge amounts of dollars in BTC. Like that did Norwegian billionaire Oystein Stray Spetalen: https://coinmarketcap.com/ru/headlines/news/just-in-bitcoin-critic-norwegian-billionaire-oystein-stray-spetalen-buys-bitcoin/ . Who also was a big critic of BTC but several days ago invested a huge amount of dollars in it. Think soon Francisco Blanch will also change the anger to mercy like that did a lot of BTC haters.

[milani]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

The article's meaning about Bitcoin and cars, especially that concrete phrase from the analyst : "A single Bitcoin purchase at a price of ~$50,000 has a carbon footprint of 270 tons, the equivalent of 60 ICE [petrol] cars" . -  It was not talked about the parallel between owing 60 cars and buying 1 BTC. But he compared the harmful impact of Bitcoin with 60 petrol cars, that their carbon footprint is the same. The other moment is that there are really lots of more harmful things than Bitcoin and different analysts like this one do nothing to minimise the harmful impact of that directions.

[Trinx01]

I wouldnt mind buying 60 cars even though I have the money on me, and the calculation of him with regards to 1BTC is just buying 60 cars is wrong, maybe 5-10 cars are only available for  1BTC as of its value nowadays. For a fast transaction, I am still into Visa or in a real-life system well we can't deny that cryptocurrency is the only alternative for that.

[imstillthebest]

is that a compliment ? where he thinks that btc value can grow more in price for a 1 btc owner to afford 60 quality cars but why wait long when you can buy a 1 good quality car with 1 btc .
we have bitcointalk member that bought tesla car with 1 btc  .
he tries to destroy btc by comparing btc to other things but thats not enough because btc have an advantage over the things that he compare other than disadvantages

[Pom_bensin]

I don't think Francisco Blanch can or don't understand what bitcoin really is, for the consumption of resources it is a drain on energy I don't think that's a very good statement. bad idea he is very inappropriate, he only sees the negative side of bitcoin is not a positive side. So the issue raised by him I don't think will ever work.
but for 1 btc problem is the same as having 60 cars it is real in my country, it can even own 100 cars. yes, but a used car

[TangentC]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

Technically buying 1 bitcoin = 1 brand new Jeep  .
Both about $50000

[TribalBob]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

1 btc is not for 60 cars i guess
1 btc can only be used to buy 1-2 cars in my country, it was priced at BTC 60k $ yesterday,
where do you live OP? very cheap if you can buy 60 cars with 1 BTC

[Cling18]

If I meet him, I want to say that he should sell all of his bitcoin if he owns bitcoin and never dealt with bitcoin and leave bitcoin alone because I am sure people who benefit from bitcoin will still use it.

If 1 bitcoin is like about 60 cars, how about people who own more than 1k bitcoin? They really have a hundred car in their garage, and they should have a big parking yard for their car

Lucky are those who accumulated and bought Bitcoin at a cheap price. I'm sure that they're Billionaires now. Risking in crypto is really worth taking. A person with at least a single BTC has the security of financial freedom in the future. I just hope that we could all have the chance to buy at an affordable price soon.

[Lucius]

1 btc is not for 60 cars i guess
1 btc can only be used to buy 1-2 cars in my country, it was priced at BTC 60k $ yesterday,
where do you live OP? very cheap if you can buy 60 cars with 1 BTC

You are bumping thread and reply on almost 3 month old post without at least read a few posts on the first page. It's not about how many cars you can buy for 1 BTC, but about comparing buying 1 BTC which is equated with a carbon footprint of 60 petrol cars. See my post here.

@DdmrDdmr could again make new statistics

Lucky are those who accumulated and bought Bitcoin at a cheap price. I'm sure that they're Billionaires now.

Perhaps some of them, I know that those who kept their BTC on Mt.Gox are certainly not that lucky, and many others who have lost their private keys in various ways.

A person with at least a single BTC has the security of financial freedom in the future.

It depends on where that person lives, because for someone even today 1 BTC is a real treasure - for someone else it will not solve all life's problems even when it is worth 5 times more.

[mr_ROBOTT]

1 btc is not for 60 cars i guess
1 btc can only be used to buy 1-2 cars in my country, it was priced at BTC 60k $ yesterday,
where do you live OP? very cheap if you can buy 60 cars with 1 BTC

In the country where I live, you can buy 40 to 50 cars with almost 1 bitcoin.
But I can introduce you to a country where the value of 1 bitcoin is more than 60 cars.
Afghanistan + Pakistan + Iran, domestic cars are very cheap.
We do not expect 60 Land Cruisers and Chevrolets with 1 bitcoin.

Maybe we can have 60 of these cars:

[Bitstar_coin]

Am sure he didn't take into account the fact that owning one btc is lot much safer than buying 60 cars that will stress you out because of safety reasons, between depending on the type of cars he intend to buy with that money, there is no way he will get 60 classic cars with one btc,  i will rather have one btc that has a bigger possibility to grow even bigger in the future than buy 60 cheap cars that will lose value in time.

[ropyu1978]

what do you mean by saying owning 1 bitcoin is equal to owning 60 cars, are you a bitcoin hater, so you dare say that, so you compare owning 1 bitcoin to owning 60 cars, maybe you mean because bitcoin consumes more energy and is not environmentally friendly compared to car,

[BIN-BIN]

60 cars with one Bitcoin is highly hilarious but it may be true if you are buying a toy car and not real cars, I will prefer to own one bitcoin than owning 60 car because bitcoin is an asset but a car is a liability.

[slaman29]

Am sure he didn't take into account the fact that owning one btc is lot much safer than buying 60 cars that will stress you out because of safety reasons, between depending on the type of cars he intend to buy with that money, there is no way he will get 60 classic cars with one btc,  i will rather have one btc that has a bigger possibility to grow even bigger in the future than buy 60 cheap cars that will lose value in time.

Cars are terrible value. The minute you start the key and move it out of the showroom you lose 50% of the value. More as you use it. In fact, everything else you buy almost is worth less and less as you keep it, except luxury items which you have to pay to protect and maintain.

Bitcoin has steadily appreciated over time, and yes, other assets like gold too but also you pay for security and custody:)