While millions are being sent to Ukraine in crypto and people on both sides of the war are buying up crypto to store their wealth, the Deputy Finance Minister of Malaysia has this to say: "Crypto Not Suitable as Means of Payment or Store of Value"

Il be the first to admit that I am still a bit doubtful about using crypto as a means of payment because the price volatility makes it difficult to estimate costs. Maybe someone smarter than me can explain.

But doubting store of value?? People are literally buying up crypto right now to protect their wealth in as stressful a time as war! What more needs to happen before people admit that BTC is a great store of (long-term) value?

https://news.bitcoin.com/malaysias-deputy-finance-minister-crypto-not-suitable-as-means-of-payment-or-store-of-value/

Malaysia’s deputy finance minister says that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. While digital assets are not recognized as legal tender in Malaysia, the finance ministry official said that they are an asset class that can be invested in.

"Digital assets such as bitcoin and ethereum are not suitable to be used as a payment instrument … In general, digital assets are not a store of value and a good medium of exchange."

Also throw in some energy FUD for good measure

Furthermore, he raised concerns regarding the environmental impact of cryptocurrency mining, stating: "Also, what is important is the huge impact on the environment because the electrical power that is used to process one bitcoin transaction can process 1.2 million Visa transactions."

Castle Island Ventures’ Nic Carter explained that the comparison between the energy use in bitcoin transactions and that of Visa transactions “relies on so many misunderstandings of Bitcoin.” He detailed: “In short, the comparison between Visa and Bitcoin is wildly off base. It’s an apples-to-koalas comparison. Visa is a payments network which relies, ultimately, on underlying financial infrastructure. Bitcoin is the financial infrastructure. It is a full stack monetary network.”

In addition, Galaxy Digital published a report in May last year showing that the banking system uses significantly more energy than bitcoin.