As China leads the race for the central bank digital currency (CBDC) and the United States takes a back seat, Niall Ferguson, an influential economic historian, suggested President-elect Joe Biden skip the crowd and go straight to the top by integrating BTC Result to get into the US financial system.
“Rather than attempting to create a Chinese-style digital dollar, Joe Biden’s emerging government should recognize the benefits of integrating Bitcoin into the US financial system – which was originally designed to be less centralized and individual privacy.” more respected than the systems of less free societies, ”said the former BTC critic and Senior Fellow of the Milbank Family at the Hoover Institution wrote in a comment published today by Bloomberg.
Ferguson was named one of the World’s 100 Most Influential People by Time Magazine in 2004 and has written a handful of books. His most popular work to date is The Rise of Money: A Financial History of the World, published in 2008, which examines the history of money, credit and banking.
In the statement, the historian further drew attention to the fact that the global economy is moving towards cashless societies and said: “The financial data of law-abiding individuals is better protected by Bitcoin than by Bitcoin Alipay, [a major Chinese payments platform]. ”
Ferguson pointed out that the main characteristic of BTC – its scarcity – overshadows the shortcomings he describes as “flaws”, not least relatively slow transaction times, costly transactions on central exchanges like Coinbase, and high energy consumption.
“The benefits of scarcity are clear at a time when fiat money is skyrocketing,” he said.
According to Ferguson, “we are experiencing a currency revolution so multifaceted that few of us understand its full extent,” one that has been accelerated by the COVID-19 pandemic as it has “accelerated our progress into a more digital word” and “We have significantly increased our risk of financial surveillance and financial fraud.”
This argument is supported by the investment community.
Laurenz Apiarius, managing partner Log wall, a blockchain venture capital fund, said A recently released Coinscrum podcast, where big investors talked about an interest in the company’s stock fund, said:
“COVID-19 helped tremendously. They want to be invested in one of those exponential technologies that they have researched and they want to be allocated in. ”
Meanwhile Dan Tapiero, founder of DTAP Capitalobserved the importance of Ferguson’s advice to Biden in a tweet, suggesting that it would also attract the attention of billionaire hedge fund manager Ray Dalio, who does not sell through BTC as an “effective currency”. Tapiero said,
“It’s a very bold call from him that I wasn’t expecting. It is well-respected and established at Harvard / Stanford. … He will make everyone in Davos pant. Maybe Ray [Dalio] ends with calling [Niall Ferguson]. ”
While it’s unclear how Biden feels about BTC, he has so far ensured one thing by confirming his election for the candidate for finance minister – the former Federal Reserve (Fed) Chairwoman Janet Yellen. Morgan Creek Digital Assets Co-founder Jason Williams illustrated Yellen’s evolving views on BTC, which started with total avoidance and recognized in October 2018 that she is not a fan. Yellen is a fan of blockchain, however, and a lot has changed in the EU’s crypto landscape since their last deliberation, with the Fed now having a digital dollar in its sights.
What Biden’s election for finance minister said about Bitcoin and blockchain – https://t.co/S46tDHFS8l
Roubini versus St. Paul
After some of Bitcoin’s harshest critics have turned a corner and the BTC price has now hit a new all-time high, more of these critics are changing their minds. Ferguson is also a former BTC basher who drew on a previous statement that Bitcoin was “an outright sham”.
Today he also pointed out his economist Nouriel Roubini, who is notorious in cryptocurrency circles for his contempt for Bitcoin. Ferguson observed a shift in Roubini’s criticism of BTC, from “the greatest bubble in human history” and the “mother of all scams” a few years ago to “perhaps part of the store of value because … it cannot be demoted so easily, because there is at least one algorithm that decides by how much the supply of Bitcoin will increase over time. ”
Ferguson joked with a double punch.
“If I wanted exaggeration as much as he did, I would call this the greatest conversion since St. Paul.”
As a recent Roubini Twitter thread pointed out, the “biggest conversion” may not be over yet:
Bitcoin does not play a role in institutional or retail investor portfolios. It is not a currency: no unit of account, … https://t.co/tDmDzt6I9x
At the time of writing (19:32 UTC), BTC is trading at USD 19,274, up nearly 7% in one day and 5% in one week. The price increased 40% in a month and 162% in a year.
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