14 DAY TRIAL // Joseph Stiglitz, 73, recipient of the 2001 Nobel Memorial Prize in Economic Sciences, was quoted as saying that Bitcoin is overrated, and the US government is doing a good thing trying to shut it down.
Speaking at a public event at the London School of Economics on a tour promoting his new book, Stiglitz took questions from audience members at the end of his presentation.
One of the attendees asked Stiglitz, currently a professor at the Columbia University in New York, what is his personal opinion of Bitcoin.
“ Hi. My question is what is your opinion of Bitcoin? Not necessarily on what is the impact, what is the trend, how it’s shaping the international system, globalization, but what is the perception of you, of Bitcoin and cryptocurrencies, and everyone being able to use and own their own banks, their money, use it and trade it without any government regulation, authority. It is thoroughly decentralized and it’s unregulated, freely by the markets, so it's not what impact it has with the currencies, but what is your personal philosophical opinion about the creation of cryptocurrencies. Thank you. ”
Stiglitz: Bitcoins have been greatly exaggerated
Stiglitz's answer is one that boggles the mind, full of inaccuracies since the US government has never attempted to shut down Bitcoin or other similar crypto-currency.
His view of Bitcoin is similar to most people's view of TOR. Sure, a lot of criminals use it, but the technology has its own uses, a reason why many banks are flocking to implement its basics, the blockchain ledger.
“ My own view is Bitcoins have been greatly exaggerated. A base, a common medium of exchange or a store of value is a basic public function and needs to be regulated, and the main use of bitcoin has been to circumvent tax authorities and regulation. I think the US government did the right of thing of shutting it... or trying to shut it down, and I think effectively… it has done that. ”
Stiglitz then went on and answered questions regarding the Euro's impending death, which he advocated in the past and is the subject of his latest book titled "The Euro: How a Common Currency Threatens the Future of Europe."Stiglitz, former Chief Economist at the World Bank from 1997 to 2000, was also a member and chairman of the US President's Council of Economic Advisers.
Below is the audio for the event. The question about Bitcoin and Stiglitz's comments are at 1:09:15.