Joseph Stiglitz, the previous chief economist of the World Bank and Nobel laureate, has predicted that cryptocurrencies will be “regulated into oblivion” in future, with Mr. Stiglitz saying that BTC might be “worth just $100 in 10 years.”
Nobel Laureate Predicts Future Regulatory Onslaught Targeting Crypto
In a current interview with Financial News, Mr. Stiglitz predicted that bitcoin and various cryptocurrencies will develop into the topic of a serious regulatory crackdown in future. “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system,” the Nobel Laureate stated. “If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.”
The Columbia University professor theorized that regulation enforcement throughout the globe are but to undertake prohibitive insurance policies relating to cryptocurrencies because of the underdevelopment of the digital foreign money ecosystem, stating “Once it becomes significant they will use the hammer.”
“Bitcoin could easily be worth just $100 in 10 years,” stated Mr. Stiglitz. “People in power will move to regulate anonymous transactions. That you can be sure of.”
Stiglitz Persistently Calls for BTC to Be Banned
Mr. Stiglitz’ feedback are of an identical vein to these made by the professor relating to cryptocurrency in recent times.
In September, 2016, Mr. Stiglitz stated that “The main use of Bitcoin has been to circumvent tax authorities and regulation. I think the US government did the right thing by shutting or trying to shut it down.”
In an interview with Bloomberg throughout December of final yr, Mr. Stiglitz echoed nearly equivalent sentiment, asserting that “bitcoin is successful only because of its potential for circumvention.” The Nobel laureate continued: “it seems to me [bitcoin] ought to be outlawed. It doesn’t serve any socially useful function. We ought to just go back to what we always have had […] This is just a bubble … It’s a bubble that is going to give a lot of people a lot of exciting times as it rides up and then goes down.”
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