Bitcoin has no meaningful function – there is something better!(?)

For many investors, crypto currencies like Bitcoin are everything but safe investment. More and more experts warn of bubble that can burst any time. Nobel laureate Joseph Stiglitz has also been critical of the subject several times.

Anyone who invested in digital coin can now consider himself lucky. However, Bitcoin investors must also prove strong nerves, because crypto currency looks back on a rapid ascent and descent.

Joseph Stiglitz, recently expressed concern at the World Economic Forum in Davos. Bitcoin is preparing exciting time for many people, because the course initially rises sharply before falling steeply again. He warned in this context of an impending collapse.

No meaningful function

You can not exactly call the former chief economist of the World Bank a fan of crypto currencies. He argues that the digital token does not perform any meaningful social function. There is already a good medium of exchange.

Stiglitz statement is understandable, there is still a hype around the digital currency, which can logically hardly be explained.

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Success factor of Bitcoin

Nobel laureate said in a TV interview with Bloomberg that the only useful feature of Bitcoin is the circumvention of legality. That’s why this digital coin is so successful. Existence of stricter rules, the situation would look very different.

The fact that digital currencies and Bitcoin in particular are being used heavily for illegal purposes, such as money laundering, is not sustainable. Stiglitz therefore called for crypto currrency ban.

At the World Economic Forum in Switzerland, the economist also said Bitcoin was trying to solve a problem that did not exist before. There is already a good medium of exchange, which is also very suitable as an investment, namely the dollar. “We can do that, why do people want Bitcoin for secrecy,” Stiglitz continues.

Regulations wanted

As soon as there are regulations, demand for Bitcoin Stiglitz will be diminishing. Recently, the price plunged sharply after rumors of impending regulations became louder.

The US scientist was supported in Davos by the chairman of the Swiss National Bank , Thomas Jordan. He also advocates stronger restrictions on cryptocurrencies. Similar activities would have to be regulated similarly. You can not restrict cash, but at the same time allow other completely anonymous instruments that can be largely used for all types of transactions.

Finally, Stiglitz pointed out that banking systems could and would already work towards greater use of digital payments – but Bitcoin was not necessary for this. Blockchain, on the other hand, is useful technology to build on.

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