The former chief economist of the World Bank wants bitcoin banned.
“Bitcoin is successful only because of its potential for circumvention, lack of oversight,” Joseph Stigliz, currently a professor at Columbia University, said in an interview on Bloomberg Television today, as the cryptocurrency reached new all-time highs this week.
Because of this, he added:
“So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.”
Stiglitz desperately denies the single most important reason Bitcoin exists: to make men like him, and the banks he represents, irrelevant. The hypocrisy of FUD from a man who “rails” against inequality is astounding.