Buying 1 BTC is ‘like owning 60 cars?

[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. 

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[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.