Founder and chief investment officer of crypto-focused fund Cyber Capital Justin Bons have called Bitcoin (BTC) technically one of the worst cryptocurrencies, and a purely speculative asset without utility in comparison with other cryptocurrencies due to its lack of technological progress.

Bons added his two cents in an 11-part Twitter thread on Sunday, stating that Bitcoin and BTCs value proposition has long deteriorated due to a broken long-term security model, comparatively weak economic qualities and lack of capacity, programmability and composability.

Bons has been an outspoken figure in the crypto community for several years now, having established one of Europes oldest cryptocurrency funds, Cyber Capital, in 2016 and considering himself a full-time crypto researcher since 2014. In addition, Bons has run nodes on the Bitcoin and Bitcoin Cash networks.

While Justin said he vigorously defended BTC in 2014, he said the reality is that BTC dramatically changed since that time, with the decision to not increase the block size limit representing a major departure from the original vision and purpose of Bitcoin:

Bons, however, doesnt appear to address the Bitcoin Lightning network, which is one of the more obvious solutions to the networks scaling problem.

Bons added that competitor networks have adopted superior token design methods, with some smart contract networks adopting fee-burning mechanisms that can trigger negative inflation rates for the token:

Without any significant technological advances or utility, Bons argues that BTC has for many people become a purely speculative asset, who continue to invest contrary to fundamental reasons of revenue, utility & use case analysis.

Bons isnt the first to use such strong language to describe Bitcoin.

In June 2022, Chair of Chinas Blockchain Service Network (BSN) Yifan He told Cointelegraph that all unregulated cryptocurrencies including Bitcoin are Ponzi schemes.

Former United States Treasurer and current Ripple Board Member Rosa Rios said last year in September that Bitcoin isnothing more than a speculative tool in comparison to other digital assets like XRP, which is primarily used to facilitate cross-border payments.

Related: What is the purpose of Bitcoin: Speculation or dollarization?

When it was originally launched in 2009, Bitcoin was designed as an electronic peer-to-peer cash system. Satoshi Nakamotos Bitcoin white paperaddressed that any speculation regarding its value as an investment is simply a by-product of its main purpose.

The narrative surrounding Bitcoin has changed over time, with the leading cryptocurrency being seen as an inflation hedge, store of value and digital gold throughout the years.

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Bitcoin is one of the worst cryptocurrencies claims Cyber Capital founder - Cointelegraph