Nobel laureate Joseph Stiglitz: Bitcoin should be banned

Joseph Stiglitz, the american economist, the nobel laureate in economics (2001) and the John Bates Clark Medal (1979), a proffesor at Columbia University Academic believes that Bitcoin should be banned.

In an interview for the Bloobmerg he said that Bitcoin now is so successful only because of the lack of monitoring and its decentralised structure. But it doesn’t change the fact that it is a bubble that gives people a lot of excitement when the course grows and falls.

He believes that the current, extremely dynamic increases in the value of the most popular digital currencies is unwarranted and it is not possible that this tendency continues over a longer time horizon.

Stiglitz, who chaired the american economic council of advisors during Clinton’s cadence, said that he supported the technological innovation in payments, but believes that the digital money should continue to be created and controlled by the government.

”Let us move from the paper to the XXI century of the digital economy,” he said.

He also pointed out that even if Bitcoin is a decentralized network whose participants are scattered all over the world, the u.s. government simply pluck it from the roots.

Michael Novogratz, former director of the investment company Fortress Investment Group and a former partner of Goldman Sachs have a different opinion. He says that ”Bitcoin should come to a level of 40 000 dollars by the end of 2018.

As one of the arguments for continued growth, he recognized the fact that companies, unlike oil and renewable products, can not produce more bitcoins to satisfy the demand because the supply of digital currency is limited to 21 million coins.

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