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Cryptocurrencies Will Be Regulated To Oblivion – Nobel Laureate Stiglitz Says

July 12

Bitcoin will be regulated to oblivion

Cryptocurrencies will be regulated to oblivion

They will be worth nothing! This is what Joseph Stiglitz, a Nobel Prize laureate and the former chief economist of the World Bank, basically stated. Stiglitz claimed that Bitcoin will be “worth just $100 in 10 years.”

During an interview with the Financial News, Stiglitz emphasized that cryptocurrencies will face harsh regulatory conditions. He states that it’s impossible to have a payment system based on anonymity and transparency. He added that cryptocurrencies like Bitcoin are nothing more than a tool for illegal activity.

“You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system.”

“If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.”

It appears that the Nobel Laureate is threatening cryptocurrency users with the inevitable “ban hammer”. According to him, cryptos are still unregulated due to their underdeveloped nature. Once the currencies become significant in the market and the ecosystem, the governments will take prohibitive measures.

“Once it becomes significant they will use the hammer.”

"Bitcoin could easily be worth just $100 in 10 years. People in power will move to regulate anonymous transactions. That you can be sure of.”

Moreover, looks like Mr. Stiglitz is taking the “Hate cryptocurrencies just because” route. According to Bitcoin.com, Stiglitz said that Bitcoin is usually used to avoid taxes and regulations. He claimed that US government was in the right by trying to ban Bitcoin or at least minimize the usage.

“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.”

Last year in December, Stiglitz expressed his opinion on Bitcoin. It was rather similar to what he said recently:

“Bitcoin is successful only because of its potential for circumvention.” 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.”

On the other hand, last week the European Parliament released a statement that cryptocurrencies should not be ignored or banned. The Parliament discussed how cryptocurrencies should be taxed and treated.

Sources: Bitcoin.com

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