Nobel economist Stiglitz sees no legal functions for bitcoin: ‘We have a good medium of exchange called the dollar’

Bitcoin, Members of Japan's idol group Kim Kyung Hoon/Reuters

» Top New Products

Metabolic cooking guide

Shows  You  How  To  Create  Quick    and    Easy  Fat  Burning  Recipes  That  Tastes  Great                                           

Basic electronics tutorial

Learn  about  how  electronic  circuits  operate    and    gain  valuable  basic  electronic  skills.                       

Crna School Admissions

CRNA  career  pro.  It  gives  you  a  fool-proof,  step-by-step  guide  for  completing  the  requirements.         

The Celestial Inspiration Guidebook

Discover  The  Angelic  Wisdom,  Guidance  And  Power  Of  The  Archangels.                                                                   

How To Spray Paint Your Car

Learn  the  secrets  of  professional  car  spray  painting  and  body  work  repair  in  2  hours.                             

Teaching Children to Read

Discover  a  simple,  effective  program  to  quickly  teach  your  child  to  read                                                       

Parenting and Families Products

A  great  collection  of  eBooks  on  parenting    and    family  related  products.                                                       

Teach Your Child To Read

Video  Reveals  How  To  Teach  Your  Child  Aged  2-9  To  Quickly  Read  At  Home                                                           

Best Man Wedding Speech

Discover  how  fast    and    easy  you  can  deliver  an  impressive  best  man  speech  with  confidence                   

The Spelling Bee Toolbox

The  spelling  bee  toolbox  where  you  will  find  everything  you  need  for  a  successful  spelling.                 

Sculptor Affirmations Software

Follow  this  simple  step  by  step  instructions  and  unleash  the  wealth  secrets.                                               

Ho'oponopono Certification

  The  Most  In-Depth,  Complete,  And  Definitive  Online  Training  Ever  Created  On  Ho'oponopono                     


  • Nobel-prize winning economist Joseph Stiglitz says bitcoin serves no useful function — other than circumventing legality. 
  • Stiglitz, who has called on bitcoin to be outlawed, told Blooomberg Television from Davos: “We have a good medium of exchange called the dollar.”
  • He argues that regulating bitcoin would mean driving it out of existance — and he thinks that would be a good thing.  

It’s not a secret that Joseph Stiglitz, the Nobel-winning economist and Columbia professor, is not a special fan of bitcoin.

He has called for the so-called “cryptocurrency” to be outlawed, arguing that it is used primarily for illicit purposes such as money laundering and tax evasion.

Pressed about it during a Bloomberg Television interview from Davos, Stiglitz explained his rationale in simple terms. Essentially, he says, bitcoin is attempting to solve a problem that never existed in the first place.

“We have a good medium of exchange called the dollar,” he told Bloomberg Surveillance’s Tom Keene Tuesday morning from the snow-capped Swiss peaks. “We can trade in that. Why do people want bitcoin? For secrecy.”

Economist Joseph Stiglitz speaks about strengthening global tax policy at the 2016 IMF World Bank Spring Meeting in Washington April 17, 2016.      REUTERS/Joshua RobertsThomson ReutersThe banking system can and is already moving toward greater use of digital payments, Stiglitz added, “but you don’t need bitcoin for that.”

“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,” he said. “So by regulating the abuses you are going to regulate it out of existence.”

The price of bitcoin crashed recently after a jaw-dropping run-up that drove it to a peak of nearly $ 20,000. The decline has been driven in part by fear of increased regulation in major Asian economies like South Korea and China. 

Screen Shot 2018 01 23 at 7.07.48 AMMarket Insider

NOW WATCH: Here’s what losing weight does to your body and brain

Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of and Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.