Samuel Haig: Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion”

stiglitz regulation regulated predicts oblivion nobel n-economy laureate joseph-stiglitz crypocurrencies

Stiglitz Predicts Crypocurrencies Will be "Regulated Into Oblivion"

Joseph Stiglitz, the former chief economist of the World Bank and Nobel laureate, has predicted that cryptocurrencies will be “regulated into oblivion” in future, with Mr. Stiglitz saying that BTC may be “worth just $100 in 10 years.”

Also Read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Nobel Laureate Predicts Future Regulatory Onslaught Targeting Crypto

In a recent interview with Financial News, Mr. Stiglitz predicted that bitcoin and alternative cryptocurrencies will become the subject of a major regulatory crackdown in future. “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system,” the Nobel Laureate said. “If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.”

The Columbia University professor theorized that law enforcement across the globe are yet to adopt prohibitive policies regarding cryptocurrencies due to the underdevelopment of the virtual currency ecosystem, stating “Once it becomes significant they will use the hammer.”

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

Stiglitz Persistently Calls for BTC to Be Banned

Mr. Stiglitz’ comments are of a similar vein to those made by the professor regarding cryptocurrency in recent years.

In September, 2016, Mr. Stiglitz stated that “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.”

In an interview with Bloomberg during December of last year, Mr. Stiglitz echoed virtually identical sentiment, asserting that “bitcoin is successful only because of its potential for circumvention.” The Nobel laureate continued: “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.”

What is your response to Joseph Stiglitz’ comments? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Wikipedia

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion” appeared first on Bitcoin News.

Original article was created by: Samuel Haig at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
September 23, 2018

The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies

From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman...

From: Lubomir Tassev

China During Crypto Ban: One Woman Tries to Live on Bitcoin

Close to being yet another annoyingly false media piece on how ‘hard’ it is to live on cryptocurrency, the Netflix of China, Iqiyi, followed a woman attempting just that for 21 days. Bitcoiners have been doing so for years through various service providers, exchanges, and, yes, even...

From: C. Edward Kelso

UNICEF France Accepts Donations in 9 Cryptocurrencies

The French office of the United Nations Children’s Fund (UNICEF) has started accepting donations in 9 of the most popular cryptocurrencies, including bitcoin cash (BCH) and bitcoin core (BTC). The announcement comes after earlier this year the UN agency launched several other...

From: Lubomir Tassev

Chechnya to Create Mining Pool for Eurasian Economic Union Countries

Chechnya will create a Eurasian crypto mining pool, the press secretary of the head of the Chechen Republic has reportedly confirmed. The project aims to combine the resources of crypto miners from the Eurasian Economic Union countries. Also read: 160 Crypto Exchanges Seek to Enter Japanese...

From: Kevin Helms

Six New and Improved Cryptocurrency Analysis Tools

Blockchain explorers and cryptocurrency analysis sites just keep getting better. While Coinmarketcap (CMC) still dominates, these days it’s got stiff competition to contend with. Moreover, many of these platforms aren’t simply aspiring to be CMC knock-offs: they’re providing fresh tools...

From: Kai Sedgwick
September 22, 2018

Bitcoin Glyphs Added to Apple’s Shortcuts Application

Apple recently introduced a new lineup of iPhones and its new operating system iOS 12. Moreover, four days ago the company also updated its Siri extension called the ‘Shortcuts’ application with two new Bitcoin glyphs available. Also read: Critical Bug Found in Bitcoin Core Invokes the...

From: Jamie Redman
Upcoming ICO's
This week overview
Token Name Starts
RoBust Defense Token (RBDT) logo RoBust Defense Token (RBDT) 1 days
Yumerium (YUM) logo Yumerium (YUM) 3 days
Blockchain.io (BCIO) logo Blockchain.io (BCIO) 4 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6766.15488616 0.17%
Ethereum logo ETH $246.608971003 0.35%
Ripple logo XRP $0.5854000865 0.17%
Bitcoin Cash logo BCH $498.058929653 -0.65%
EOS logo EOS $6.0693636332 0.04%
Stellar logo XLM $0.2857561968 -3.64%
Litecoin logo LTC $62.7294710063 -0.06%
Tether logo USDT $0.9999920645 0.26%
Cardano logo ADA $0.0924337356 0.14%
Monero logo XMR $126.697769034 -0.24%
DigitalCash logo DASH $208.871006323 -0.25%
IOTA logo IOT $0.6220715014 -0.38%