Old-school economists and investors try to defame Bitcoin
|The Nobel Prize-winning economist believes that digital assets are harmful.
However, he supports the technology behind the idea of digital money.
Joseph Stiglitz, a Nobel Prize-winning economist, joined the chorus of cryptocurrency critics, saying that this type of asset should be banned. He explained his position by the fact that digital money make transactions less transparent and encourage illegal activities.
At the same time, he believes that blockchain, the technology behind the cryptocurrencies, and the idea of digital payments systems can be used to promote the electronic use of government-backed currencies like the dollar.
“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he said.
Meanwhile, Bitcoin and the peer-to-peer networks in general are either impossible to shut down, or it will require lots of time, money and effort. Moreover, any government that choses to prohibit Bitcoin will only make it even more popular on the black market. Earlier this month Warren Buffett compared Bitcoin with gambling device and said that is useless and has no value.
Nouriel Roubini, one of the most vocal cryptocurrency critics also known as Dr. Doom, expressed an opinion that central banks would eventually overtake cryptocurrencies with CBDC
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