Joseph Stiglitz: Bitcoin should be outlawed

Joseph Stiglitz: Bitcoin should be outlawed

Former world Bank chief economist Joseph Stiglitz is convinced that sooner or later bitcoin «should be outlawed». He stated this in an interview with Bloomberg Television. «Bitcoin has gained such popularity only because of the potential for circumvention of [law] and lack of supervision. I think it needs to be outlawed. It has no socially useful function,» said Mr. Stiglitz. However, he added that, in General, supports technological innovation in the field of Finance, but at the same time, in his opinion, digital money must remain Fiat, which produces and controls the government. «Let’s get away from the paper in the twenty-first century digital economy,» added Stiglitz. Returning to the subject of bitcoin, he noted that such rapid growth of prices was unjustified and unstable. «This is a bubble, which will take a great deal of thrill, when to jump, and then again to fall. Today the value of bitcoin is based on the expectation of how much it will cost tomorrow. If the government decides that the main value of bitcoin is to bypass [the laws], it may close it at any time. And then it will collapse,» concluded the ex-banker. Joseph Stiglitz — Nobel laureate in Economics and Professor at Columbia University. In the past he was also Chairman of the group of economic advisers United States under the Clinton administration. Record Joseph Stiglitz: Bitcoin should be outlawed appeared first on…

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