Joseph Stiglitz, in his statement on Bloomberg TV spoke about the need to ban cryptocurrencies such as bitcoin.
Undoubtedly, the opposing camps are as widely endorse and criticize this statement. His comment is based on the analysis, which indicated that the market of bitcoin functions because of its potential to circumvent the control of government institutions.
He continued his angry speech by saying that the market of bitcoin “at first rises and then falls”, and it will hurt a lot of investors. Therefore, it is necessary to forbid, because he did not have any “socially useful functions”.
Ban all, Joe
Apparently, Dr. Stiglitz may also propose to ban the famous FANG stock (Facebook, Apple, Netflix, and Google), which, simultaneously with the recent fall in the price of bitcoin has faced much greater losses.
The truth is, bitcoin has lost about $ 3 billion market capitalization and stock FANG lost $ 60 billion, twenty times more. If the primary purpose is to protect consumers, the greater the risk is shares of FANG, and they really should be banned.
In the end, regardless of the opinions of economists, due to the nature of bitcoin it is impossible to deny. Instead, governments just have to regulate bitcoin and its trading reasonable and rational ways. According to Kane of Warwick, the founder of Havven:
“Fortunately, if someone believes that bitcoin should be banned, it kind of doesn’t matter, because one of the strengths of bitcoin is that it is impossible to forbid”.