At the BIS Innovation Summit 2024, Israeli historian, philosopher, and bestselling author Yuval Noah Harari expressed his views on bitcoin and electronic currency. He conveyed his disapproval of bitcoin, describing it as money "built on distrust."

During his presentation, Harari voiced his dislike for bitcoin, the cryptocurrency developed by the anonymous creator Satoshi Nakamoto. He explained that, from a historical perspective, he finds bitcoin problematic because it is rooted in distrust. He elaborated on the central idea of bitcoin, which revolves around being electronic gold, and the motivation behind it—to avoid trusting banks and governments with the power to create unlimited money.

Harari emphasized that bitcoin symbolizes a currency of distrust, contrasting it with the historical trend of giving banks and governments the authority to create money, which fosters trust within society.

Beyond bitcoin, Harari expressed concerns about the potential risks posed by artificial intelligence (AI) to humanity and global civilizations. He believes that AI represents a significant leap in technological advancement, surpassing even milestones like the printing press.

While Harari acknowledges uncertainty about the future evolution of electronic currency over the next few decades, he remains hopeful for a currency based on greater trust rather than distrust.

Harari's remarks drew criticism from cryptocurrency enthusiasts, including Charles Hoskinson, co-founder of Cardano, who described Harari's perspective as "Dunning-Kruger on steroids," referring to a cognitive bias where individuals with limited knowledge overestimate their abilities.

Harari's cautionary stance on bitcoin contrasts sharply with the optimism prevalent in the crypto sector, sparking a fundamental debate about trust in financial systems and whether innovation should reinforce or challenge traditional iAt the BIS Innovation Summit 2024, Israeli historian, philosopher, and bestselling author Yuval Noah Harari expressed his views on bitcoin and electronic currency. He conveyed his disapproval of bitcoin, describing it as money "built on distrust."

During his presentation, Harari voiced his dislike for bitcoin, the cryptocurrency developed by the anonymous creator Satoshi Nakamoto. He explained that, from a historical perspective, he finds bitcoin problematic because it is rooted in distrust. He elaborated on the central idea of bitcoin, which revolves around being electronic gold, and the motivation behind it—to avoid trusting banks and governments with the power to create unlimited money.

Harari emphasized that bitcoin symbolizes a currency of distrust, contrasting it with the historical trend of giving banks and governments the authority to create money, which fosters trust within society.

Beyond bitcoin, Harari expressed concerns about the potential risks posed by artificial intelligence (AI) to humanity and global civilizations. He believes that AI represents a significant leap in technological advancement, surpassing even milestones like the printing press.

While Harari acknowledges uncertainty about the future evolution of electronic currency over the next few decades, he remains hopeful for a currency based on greater trust rather than distrust.

Harari's remarks drew criticism from cryptocurrency enthusiasts, including Charles Hoskinson, co-founder of Cardano, who described Harari's perspective as "Dunning-Kruger on steroids," referring to a cognitive bias where individuals with limited knowledge overestimate their abilities.

Harari's cautionary stance on bitcoin contrasts sharply with the optimism prevalent in the crypto sector, sparking a fundamental debate about trust in financial systems and whether innovation should reinforce or challenge traditional institutions.nstitutions.