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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Fund Manager Bashes Bitcoin: An Extreme Form of Libertarian Anarchism

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin anarchy

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As Bitcoin price makes headlines across mainstream and financial media, skeptics of cryptocurrencies have come out of the woodwork in droves.

The latest skepticism comes from Tim Bond, partner and portfolio manager at Odey Asset Management, who claims that Bitcoin has very little benefit to society, and instead is an extreme form of Libertarian anarchism. But could there actually be truth in the bold, blanket statement?

Tim Bond Bashes Bitcoin As Pointless, Vile, And Damaging To The Environment

Bitcoin is a subject that most economists, tech enthusiasts entrepreneurs, and fund managers alike are asked about these days, as the asset has ballooned from under $10,000 to more than $50,000 per coin in less than one year.

Depending on who you ask, it is the most important technological revolution since the internet, while others might claim it is a bubble wait to burst.

Tim Bond, fund manager at Odey Asset Management, instead calls it “particularly vile,” “pointless,” and “damaging to the environment.”

Related Reading | Summing Up The Case For Crypto As The Future Of Collateral

Bond claims that Bitcoin isn’t only emitting more CO2 than most small economies, but that it is spearheading “a particularly extreme form of libertarian anarchism,” which he says is why the cryptocurrency is so popular amongst Silicon Valley types.

“If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired,” Bond continued.

bitcoin btcusd

As Bitcoin grows in value, the more disruptive power it wields | Source: BTCUSD on TradingView.com

Crypto Anarchist Future Prefers Consensus Over Forced Taxation

Bond, however, is absolutely right about at least one thing: Bitcoin could severely impact a “governments’ ability to tax, spend and redistribute” – a system that is arguably broken already.

Governments like the United States establish control over society through their money, and without that leverage, society won’t be as compelled to comply with taxation and other forms of control.

While much of this infrastructure was designed for the benefit of civilized society, governments have abused this control and how they redistribute wealth is a major ongoing economic problem that only Bitcoin has the potential to fix.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

By removing the government from the equation, it will require community consensus – something the crypto industry does well – to handle redistribution in the future.

Bitcoin has several key benefits that give the unique cryptocurrency its underlying value. It cannot be counterfeited, there are only 21 million BTC available ever, and much more. However, the greatest benefit of all could be the fact that governments can control it – something that Bond clearly can’t comprehend.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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