30 Nov '17, 6pm

Joseph Stiglitz: Bitcoin ought to be outlawed

Joseph Stiglitz: Bitcoin ought to be outlawed

Nobel-winning economist Joseph Stiglitz has condemned Bitcoin as “successful only because of its potential for circumvention [and] lack of oversight,” and has called for it to be banned. In a Bloomberg Television interview , he said the cryptocurrency doesn’t serve “any socially useful function.” He believes Bitcoin is a bubble, that will give “a lot of people a lot of exciting times as it rides up and then goes down.” Past the $10,000 mark The value of one Bitcoin went past $10,000 for the first time this week – continuing the huge rises seen since the beginning of 2017. At the start of the year, it was worth just $998. Bitcoin value as of 27 November Image: CoinMarketCap Bitcoin's rapid increase in value has led many analysts – including Stiglitz and fellow Nobel Prize laureate Robert Shiller – to suggest Bitcoin's rise is unsustainable and a price collapse is almost ine...

Full article: https://www.weforum.org/agenda/2017/11/joseph-stiglitz-bi...

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