Joseph Stiglitz: Bitcoin Is Useless, We Have Dollar

January 25, 2018

Joseph Stiglitz: Bitcoin Is Useless, We Have Dollar

Nobel Prize winner Joseph Stiglitz is definitely not the biggest fan of bitcoin. Speaking at The World Economic Forum in Davos he once again criticized the cryptocurrency saying that it is trying to solve a problem that does not even exist. 

He said in an interview with Bloomberg Television:

"We have a good medium of exchange called the dollar. We can trade in that. Why do people want bitcoin? For secrecy."

The economist noted that even though the banking system is actively implementing digital payments, citizens does not need cryptocurrencies to proceed them. 

Stiglitz said:

"My feeling is that when you regulate it so that you couldn't engage in money laundering and all these other things, there would be no demand for bitcoin. So by regulating the abuses you are going to regulate it out of existence."

Joseph Stiglitz was a jointly winner of the Nobel Prize in Economic Sciences in 2001 along with George Akerlof and Michael Spence "for their analyses of markets with asymmetric information". In November 2017 he said that bitcoin should be outlawed, since it can not perform any socially useful functions.

It is worthy to recall that several days ago another Nobel Prize laureate Robert Shiller doubted that Bitcoin will survive 100 years and predicted that the cryptocurrency most likely will totally collapse. 

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