On the occasion of the almost explosive Bitcoin course yesterday, the Nobel laureate for economics and former World Bank chief, Joseph Stiglitz, was interviewed by the news agency Bloomberg. He believes that this currency should be better banned.
US economist Joseph Stiglitz is a professor at Columbia University. Stiglitz ran the World Bank from 1997 to 2000, and from 2011 to 2014 he was President of the International Economic Association. atBloomberg Television yesterday questioned him about "weird madness," Bitcoin's high of over $ 11,000.
In conversation, he said one of the main tasks of governments is to create a currency. When asked whether it would be feasible to regulate Bitcoin by the state, the economist replied that he considers this currency successful simply because of its "potential for circumvention" and its lack of supervision. Stiglitz repeatedly stressed that there was a lack of supervision.
"So it seems to me that (the Bitcoin) should be prohibited by law. He fulfills no social or useful function. We should return to what we have always had. This is just a bubble, as many of their colleagues (journalists) have already reported. It gives some people exciting times as the price goes up and down again. What I really want to say is, let's move from paper to digital economy in the 21st century, "
Stiglitz continues.
Unfortunately, Stiglitz does not explain in detail how digital economics should look like today. But he has repeatedly advocated technically innovative payment solutions and that digital money should always be controlled by the government. Stiglitz points out that today's Bitcoin price is just the expectation (in the minds of many investors) of what this currency will be worth tomorrow. If the government works hard, that currency would collapse, Stiglitz predicted.