Satoshi

Bitcoin

Gary

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U.S. Securities and Exchange Commission Chairman Gary Gensler has&nbsp;<a href="https://x.com/WuBlockchain/status/1844172612362174651">painted</a> a bleak picture of the cryptocurrency industry, arguing that it is filled with "fraudsters" and "grifters."&nbsp;
Last month, the SEC boss also&nbsp;<a href="https://u.today/sec-boss-clarifies-that-bitcoin-is-not-security">warned</a> that the industry was not going to "persist" without following the rules.&nbsp;
<h2 id="not-a-currency">Not a currency&nbsp;</h2>
Gensler has also poured cold water on Bitcoin's prospects of gaining widespread adoption as a means of payment.&nbsp;&nbsp;&nbsp;
Instead, Bitcoin will be treated as a store of value, according to the SEC boss.&nbsp;
Satoshi Nakamoto, the mysterious Bitcoin creator, viewed the cryptocurrency as a "peer-to-peer cash system."
There were early signs of growing merchant acceptance. BitPay, the leading crypto payment processor, experienced a massive uptick in the number of merchants accepting Bitcoin back in 2013. This trend did not last long.&nbsp;
Even though the crypto king was originally pitched as a replacement for the US dollar and fiat currencies, it has failed to gain significant merchant adoption. In 2017, Morgan Stanley&nbsp;<a href="https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower">revealed</a> that the number of merchants accepting Bitcoin had declined compared to the previous year.&nbsp;
Expensive and slow transactions emerged as the main hurdles for Bitcoin as a means of payment. Bitcoin's price volatility was also one of the key reasons why merchants were reluctant to adopt the leading cryptocurrency.
The Lightning Network, which seemingly emerged as a scaling solution, has failed to gain significant traction. Efficient centralized payment systems have also reduced demand for crypto payments.&nbsp;
Since then, Bitcoin advocates have pivoted to the "store of value" narrative, positioning the leading cryptocurrency as a digital alternative to gold. The aforementioned narrative continues to persist today, with major players of the likes of MicroStrategy hoarding their coins.&nbsp;

Gensler Slams Crypto Industry for Proliferating Fraud

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