Famed Economist Doubts Bitcoin Will Become Global Currency
Mohamed El-Erian, chief economic advisor at financial services company Allianz, says that bitcoin is not going to be a global currency and will not replace the U.S. dollar. However, he believes the cryptocurrency will always exist in the ecosystem and will not be regulated out of existence. Bitcoin Won’t Become Global Currency Rivalling US Dollar, Says Economist El-Erian Famed economist Mohamed El-Erian talked about the future outlook for cryptocurrencies, particularly bitcoin, in an interview with CNBC Monday. El-Erian is the chief economic advisor at Allianz,....
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In the wake of such widely-reported scandals as the implosion of the Tokyo-based exchange, Mt Gox, which resulted in a loss of almost 600,000 million US dollars’ worth of bitcoins with the company’s operators now facing legal action all over the world, Kuroda’s doubts are certainly justifiable. Kuroda went on to say: “It is not a currency, and I don’t think it is a general means of settlement. Without safety or stability in its value, there would be no demand. In that sense, it cannot be a currency.” Mt Gox was one of the most trusted exchanges for Bitcoin transactions prior to its....
Global economists continue to question the implications of blockchain implementation for central bank digital currencies. Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), is not the right solution for a central bank digital currency, according to an economist at Switzerland’s central bank.Carlos Lenz, chief economist at the Swiss National Bank, argued that blockchain-based decentralization features are not efficient for a state-controlled digital currencies like a digital franc, German-language Swiss newspaper The Handelszeitung reported Thursday.The economist....
Joseph Stiglitz, Nobel Prize-winning economist recently said that the U.S. should phase out fiat currency and move toward digital currency, at the World Economic Forum’s Annual Meeting in Davos, Switzerland. Speaking in the session called Ending Corruption, Stiglitz said that phasing out money and introducing digital currency has ‘benefits that outweigh the cost,’ in the long term. He states by saying: You can put it into the context of one of the big issues being discussed here in Davos this year is the backlash against globalization, the darker side of globalization. The lack of....
"Not owning any Bitcoin has been a massive mistake, and we expect that will continue to be true," the famed value investor wrote to clients.