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Professor Joseph Stigliz says Bitcoin must be ‘prohibited’

Joseph Stiglitz, who was a former chief economist and now a professor at Columbia University wants a Bitcoin ban. Reportedly, he says that Bitcoin market is deriving most of its potential from circumventing government agencies and lack of oversight.

He says the many fluctuations in Bitcoin market affects investors and thus it must be prohibited as it doesn’t serve any ‘socially useful function.’  

Although he says he does support technological invention in payments, he believes digital currencies must be fiat and manage by government.

“Let’s move away from paper into the 21st century of a digital economy.”

He is Nobel Memorial Prize winner in Economic Sciences in 2001. And John Bates Clark Medal in 1979 also says Bitcoin’s price is unsustainable and unjustified.

Also Read: Why there is a rapid surge in Bitcoin value from $9000 to $10000

He said, “It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down”. “The value of a Bitcoin today is expectations of what the Bitcoin is going to be tomorrow”.

Daniele Bianchi, an assistant professor of finance at the Warwick Business School in England. He says cryptocurrencies are here to stay because Bitcoin trading is getting more professional and open to general public.

“The increasing demand pressure from investors and speculators makes the case for an even further increase in bitcoin prices future,” he said.

The extreme nature of Bitcoin makes it impossible to ban according to the founder of Haven, Kain Warwick.

“Thankfully it’s somewhat irrelevant whether anyone in particular thinks Bitcoin should be ban. Because one of its strongest points is that it is, in practice, not able to be prohibites.”

He says the government must deal with cryptocurrency and regulate trading in sensible and balanced ways.

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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