We all know very well that the price of the popular cryptocurrency Bitcoin has seen a massive growth this year. But, it turns out that its increasing price rates are not the only thing that suffers a sudden increase. As recently, a well-known Economist stated that he wants to ban the popular cryptocurrency Bitcoin.
This Popular Economist Wants to Ban Bitcoin
The cryptocurrency Bitcoin has been on the rise and popularity has been increasing significantly. Despite some losses in the last hours, the electronic currency has hit the $11,000 mark and this has caused some deep reflection to those who are connected to the financial area.
Bitcoin’s price has been hitting record highs. As recently, we reported that the popular cryptocurrency Bitcoin had surpassed the $10,000 mark just after crossing the mark of $9,000. And now as we told earlier that now the well-known and popular cryptocurrency Bitcoin has hit the $11,000 mark.
As there are just over 16.7 million Bitcoins issued, and the market value of this popular cryptocurrency Bitcoin reaches the US $168 billion, equivalent to more than Rs.10 trillion. This is more than twice the total real in circulation in the country.
As Bitcoin continues its walk to become “conventional” and in current use, it turns out that its increasing price rates are not the only thing that suffers a sudden increase. There is new research to note that popular cryptography now consumes more electricity than more than 20 countries in Europe.
After the consideration of a well-known economist that Bitcoin is not a coin, now Joseph Stiglitz who is an American economist and a professor at Columbia University has stated that it is time to ban the popular cryptocurrency Bitcoin.
In recent times the virtual “currency” Bitcoin has reached records and there seems to be a certain threat to the traditional financial markets.
What is Bitcoin?
We can refer in generic terms that it is a virtual currency created in 2009, based on the peer-to-peer (P2P) system. P2P is a system that does not provide for centralized authority to control currency or transactions, as with other currencies (for example, the INR. is controlled by the RBI). Instead, money creation and transfers are based on an open-source network in encrypted protocols that form the basis of Bitcoin’s security and freedom, making transactions instantaneous among users.
The invention of a mysterious computer guru, who referred to his pseudonym Satoshi Nakamoto, this popular cryptocurrency Bitcoin is actually created by means of a very complex mathematical formula.
The invention of a mysterious computer guru, who referred to his pseudonym Satoshi Nakamoto, this coin is created by means of a very complex mathematical formula.
On Wednesday, the recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal, Joseph Stiglitz, speaking to Bloomberg TV, said that the popular cryptocurrency Bitcoin’s only advantages are its ability to be used for tax evasion and also the fact that it is exempt from oversight.
Not only that even the well-known Economist who is the recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal, Joseph Stiglitz also points out that this popular cryptocurrency Bitcoin is a bubble that provides exciting moments due to its values and devalues.
So, what do you think about this statement which is made by this well-known Economist? Simply share your views and thoughts in the comment section below.