14 Oct '13, 3pm

Leading Economist Predicts a Bitcoin Backlash

Leading Economist Predicts a Bitcoin Backlash

Governments and established financial institutions are likely to launch a campaign to quash the decentralized digital currency Bitcoin, according to a leading economist and academic. Simon Johnson , a professor of entrepreneurship at MIT’s Sloan School of Management, expects Bitcoin to face political pressure and aggressive lobbying from big banks because of its disruptive nature. “There is going to be a big political backlash,” Johnson said on stage at MIT Technology Review’s EmTech conference in Cambridge, Mass., last Thursday. “And the question is whether the people behind those currencies are ready for that and have their own political strategy.” The system of cryptographic software behind Bitcoin represents a significant technical advance, and the currency has inspired many cyber-libertarians. Mathematical and computer networking principles are used to underpin a syst...

Full article: http://mashable.com/2013/10/14/bitcoin-backlash/

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Leading Economist Predicts a Bitcoin Backlash

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