Top US economists slam Bitcoin

BITCOIN HAS BEEN HARSHLY CRITICISED BY THREE MAJOR AMERICAN ECONOMISTS, INCLUDING A NOBEL PRIZE WINNER, WHO BELIEVE THAT THE WORLD’S FIRST CRYPTOCURRENCY HAS VERY LITTLE CHANCE OF SURVIVING BEYOND REGULATION.

Columbia University Professor Joseph Stiglitz believes “regulation will kill” Bitcoin because most people use it to launder money. He was joined in bashing the coin by Kenneth Rogoff and Nouriel Roubini. They all argue that it will collapse as a currency as it has no intrinsic value and its price is too volatile.

The Nobel Prize-winning economist also says the anonymity of Bitcoin goes against the concept of building “a transparent banking system.” Stiglitz adds that all cryptocurrencies are being used in suspicious activities, which should not be allowed by any government. Financial regulators around the world have not regulated crypto because the market is still too small, but, “once it becomes significant they will use the hammer.”

Bitcoin will be worth about $100 in a decade, claims Rogoff, the International Monetary Fund’s former chief economist and a Harvard University professor.

For Roubini, a New York University economist known for predicting the 2008 global financial crisis, the cryptocurrency fails to fulfil any of the characteristics of fiat currency and “is not even accepted at Bitcoin conferences.”

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