Most people know who Joesph Stiglitz is. Some know him as the 2001 recipient of the Nobel Memorial Prize in Economic Sciences; others know him as a vocal cryptocurrency bear. This week, Stiglitz is getting a lot of attention for the latter. In a May 6 interview with CNBC, Stiglitz said we should shut down cryptocurrencies.
Here’s everything we know.
Joseph Stiglitz on Cryptocurrencies: The Latest
This week, of course, is not the first time Joseph Stiglitz, 76, has discussed cryptocurrencies in a negative manner. Back in November 2017, Stiglitz told Bloomberg TV that digital currencies, especially Bitcoin (BTC), are dangerous. His reasoning was that the popularity of the crypto market is driven largely by its potential to maneuver around government organizations. He also said the Bitcoin market will eventually hit a wall, leaving hundreds of investors in treacherous territory.
One year later, Joseph Stiglitz spoke again on cryptocurrencies. This time, he said virtual currencies like Bitcoin exist “because of the abuses.”