JAKARTA - Yuval Noah Harari, a well-known thinker and history expert from Israel who is known through his best-selling book Sapiens, recently criticized Bitcoin. According to him, Bitcoin is a currency that is not based on trust or a currency of disruption.
While Bitcoin supporters have strong reasons not to trust banks, their preference for this leading cryptocurrency is still based on distrust of human institutions, Harari claims.
Harari stated, I understand the cause of this distrust, but this is a worrying development. According to him, money should create trust between foreigners.
He hopes that humanity will find a way to build reliable human institutions rather than adopt distrust technology. Harari also added that humans control the world because they learn to trust each other. He warned that algorithms could start controlling the world if humans put all their trust in it.
'Farmers grow food. Shoekeepers make shoes. What is the function of the financial system? Finance creates trust,' said Harari. He added that various financial systems should create trust between foreigners who can work together on joint projects.
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Initially, trust in institutions such as banks and governments was still minimal, so money was printed from gold. Because gold is scarce, this limits the amount of money and economic cooperation. However, currently, 90% of money is just computer data that is difficult for humans to understand.
In March, Harari also opposed the use of artificial intelligence (AI) in finance. According to him, this technology can make financial regulation even more unclear for humans. Harari warns that people must first understand how AI operates and regulate regulations rather than integrate them into the financial system.
According to Harari's thinking, humanity is largely driven by myths that make large-scale collective cooperation possible. In this digital era, our challenge is to ensure that technology does not replace trust between humans, but vice versa, strengthen it.
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