After being declared dead, regulators might not allow Bitcoin continue
The three major US economists hold a negative attitude towards Bitcoin’s (BTC) chances of survival in a recent interview with Financial News.
Joseph Stiglitz, Kenneth Rogoff and Nouriel Roubini have issued statements arguing that Bitcoin will fail at the end. They also continue to slam the cryptocurrency’s absence of intrinsic value and its notable price volatility.
Nobel Prize-winning economist and professor at Columbia University, Joseph Stiglitz, particularly criticized the anonymity of Bitcoin. He stated that this anonymity was contrary to the idea of creating a transparent banking system.
According to the economist, cryptocurrencies such as Bitcoin allow illegal activities which will not be allowed by any government. Stiglitz further stated that since the crypto market is still relatively small, the global financial regulators have not yet acted more stringently. He said:
“Once the cryptocurrency market becomes significant they will pick up the sledgehammer.”
Nouriel Roubini, New York University economist, allegedly successfully predicted the 2008 financial crisis, argued that Bitcoin fulfills “none of” the characteristics of money. Roubini also criticized the volatility of Bitcoin. He stated:
“Bitcoin is not even accepted at the conferences, and how can it be a stable store of value since its fell 20% one day and then risen 20% the next day?”
As Stiglitz pointed out in the interview, some countries around the world have actually made it clear that cryptocurrency is a phenomenon, at least in terms of current quantities, it might not threaten the traditional financial industry.
Executive editor： Nino