Wednesday, October 5

Brazilian analyst criticizes attention to NFT and calls for focus on Bitcoin

Marcel Pechman, Bitcoin and cryptocurrency analyst and trader, criticized the attention people are giving to NFTs — non-fungible tokens — at a time when Bitcoin is struggling with state monetary policies that go far beyond inflation and involve so much privacy as for the freedom of the people.

Explaining the context, Pechman was referring to the story of the Livecoins about a Brazilian who, after acquiring 39 CryptoPunks, is wanting to help women understand the NFT market.

“I think it’s excellent initiatives to bring women into the cryptocurrency market, but are you going to bring the person to NFT? Wow! Are you kidding me!”

“It’s time to focus on Bitcoin”

It is no wonder that Bitcoin is the largest cryptocurrency in the world, after all, since its birth, its objective is to fight against governments and central banks that for centuries have controlled money in a monopolized way.

Furthermore, Bitcoin is also a great financial inclusion engine as it allows anyone to create a wallet and move funds. Today, it is the greatest hope in a fight against States that hinder more than help.

“Dude, Bitcoin is all use, at a crucial moment in history, which is this, with governments becoming totalitarian, money evaporating […] the woman is going to waste time explaining NFT, man? No no no no!”

Going further, Pechman explained that NFTs are just a kind of registry office, but blockchain, attesting that the person is the owner of such art. That is, the artwork — the JPEG image — is not on the blockchain and anyone can download this file.

It is worth noting that interest in NFTs has been growing a lot in recent months, as shown by the Google Trends website. Today the number of searches for NFT already corresponds to half of the searches for the term Bitcoin in Brazil. Despite this, it is still difficult to say how the sector will behave in the next year.

Search for Bitcoin and NFT on Google. Source: Google Trends

NFTs can be gateways

Despite this, it is worth remembering that NFTs can be a gateway to Bitcoin as people interested in art, or even metaverse games that use this same technology, can get closer to BTC.

Pechman also explained that NFTs could evolve into real estate registries, replacing current registries. Even so, he believes that this matter should be focused on in the future and that now we should focus our attention only on Bitcoin.

“There is a use for NFT, but wasting time, investing money and resources to bring women into the NFT market doesn’t make sense, not right now. The focus has to be Bitcoin, it has to be the value of money, scarcity, opening people’s eyes to this financial system that exists, which does not favor us, which favors those who are suckling the government’s tits there.”, stated Marcel Pechman

Finally, while NFTs offer interesting use cases, and could evolve into other industries, the message Pechman wants to convey is that we’re in a much bigger fight right now, and perhaps it’s our last.