Nobel Prize Winner Joseph Stiglitz declared on Bloomberg TV that cryptocurrencies, such as Bitcoin, should be prohibited. The reason? Because Stiglitz believes the market for Bitcoin is driven primarily by its potential to get around certain government organizations.
In Stiglitz’s statement – which appeared to be more of a rant – he added that the Bitcoin market will fluctuate for a while, and then eventually hit a wall, leaving hundreds of investors injured. For these reasons, Stiglitz believes cryptocurrencies should be banned. He also added that Bitcoin does not have a “socially useful function.”
To Ban it or Not to Ban it?
It’s not just cryptocurrency that Dr. Stiglitz is reportedly looking to take down. He might also want to ban the FANG stocks, which stands for Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX), and Google (NASDAQ:GOOGL).
Some might be shocked by that, while others might have wanted the same ban to occur. If consumer protection is your goal, then FANG stocks are extremely risky and could be worthy of a ban.
Dr. Stiglitz might be onto something, but until the nature of Bitcoin changes, the digital currency might be near impossible to ban. It seems governments are just going to have to deal with the cryptocurrency.
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