Famous American economist Joseph Stiglitz, who won the Nobel Prize for his 1995 Report of the Intergovernmental Panel on Climate Change, thinks we should “shut down” cryptocurrencies.
“I actually think we should shut down the cryptocurrencies,” Stiglitz states. Although, he did not elaborate on what that exactly means or how anyone could actually shut down the thousands of coins and tokens that comprise the now $188.3 billion market.
Stiglitz’s concern over illicit activity shows a layer of ignorance, as recent findings from the DEA show that the ratio of legal to illegal Bitcoin activity has flipped so that now only 10% of all transactions on the blockchain are related to criminal activity.
Nonetheless, Stiglitz does see value in digitizing government-backed currency, stating, “I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better-regulated economy if we had all the data in real time, knowing what people are spending.”
Of course, Stiglitz formerly served as the chief economist of the World Bank and is a well-known critic of free-market economists and international institutions like the IMF (and World Bank).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.