Gushiken Yona
As the crypto market reeled from the brutal selloff on Monday, Kathleen Breitman, co-founder of the Tezos blockchain, didn’t mince words during a CNBC interview, labeling Bitcoin “pretend internet money.”
Her comments, delivered against a backdrop of plunging crypto prices and widespread investor anxiety, ignited a firestorm of criticism from Bitcoin proponents and industry leaders alike. Appearing on CNBC’s “Squawk Box” alongside anchors Andrew Sorkin and Joe Kernen, Breitman argued that Bitcoin’s volatile nature and limited real-world utility undermine its purported status as a store of value.
She likened the current market panic to the early days of the COVID-19 pandemic, stating, “Basically, what we are seeing is something similar to what happened at the beginning of COVID, where folks get a sense of something that looks like a recession and the first thing they decide to sell is their internet pretend money.” While acknowledging Bitcoin’s historical significance as the first cryptocurrency, Breitman contended that its dominance is waning.
“It’s good to acknowledge that it’s an experiment,” she remarked, adding that the “store of value” narrative surrounding Bitcoin is merely a “meme” currently “being decimated” by market realities. Breitman’s sharp critique drew swift condemnation from prominent figures within the crypto space.
Hunter Horsley, CEO of Bitwise Asset Management, took to X (formerly Twitter) to denounce her remarks as “incredibly unproductive,” particularly given their potential to alienate a mainstream audience already wary of crypto’s volatility.
“There are many intelligent, conceptually-oriented people in this space — which makes it great,” Horsley wrote. “But if you’re going to hold yourself out as a spokesperson for the space to the CNBC audience, this type of intellectually self-indulgent language is jarring to the busy public who does not interpret it the way this individual might mean it.”
Bitcoin maximalist Fred Krueger also weighed in on X, calling Breitman’s comments “an absolute disgrace,” and pointedly adding, “Especially from someone who made so much money off of an actual, pretend internet coin” – a thinly veiled jab at Tezos’s native XTZ token.
Despite her scathing assessment, Breitman conceded that Bitcoin remains a significant force within the crypto market, even if its future role remains uncertain. “BTC has core utility and does not need to be a store of value asset to be useful,” she acknowledged.
The controversy surrounding Breitman’s comments underscores the deep ideological divides that persist within the crypto community, even as it navigates a challenging regulatory landscape and seeks to achieve mainstream acceptance. While many advocate for a united front, disagreements about the future direction of digital currencies continue to fuel public clashes and hinder the industry’s ability to present a cohesive message to the world.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
