Prominent academician: Bitcoin and Crypto are not real coins until they can establish stability
There is no doubt that, in general, most academics and professors are not the biggest fans of Bitcoin and crypto in general, but it is not clear if their biases will changeas nascent technologies evolve.
In a recent interview, a prominent Yale professor shared his views on cryptocurrencies and expressed some unique insights about the trends surrounding decentralized currencies based on the ledger and the demand for a deposit of value outside the traditional banking system.
Teacher: There is a demand for foreign currency outside the banking system. Could Bitcoin be the solution?
William Goetzmann, a Yale professor and Pulitzer Prize winner who is an expert in the history of finance, shared his thoughts on cryptocurrencies in a recent interview, and offered an opinion on rapidly evolving technologies that are rarely seen with in the high spheres, or academic circles.
Although Goetzmann initially expressed a feeling of caution towards Bitcoin, and noted that there are currently several fundamental risks inherent in the technology, he also said that there is a demand for a way to transfer or store value outside the global banking system.
He explained the following: “I suspectthat there is a demand for a way to transfer and store value outside the scope of the global banking system, but how to determine the fundamental value is achallenge.”
Crypto may be going back to ancient forms of currency
Another interesting thought expressed by Goetzmann was that some ancient forms of currency we restrikingly similar to modern forms of cryptocurrency.
He also pointed out the following: “In antiquity, part of the money resembled the current crypto currency in the sense that everything was based on accounts, a ledger. There is no physical Bitcoin; “You can buy, sell and exchange Bitcoin with other people, but in reality it is an accounting transaction more than anything else.”
Although there are signs of enthusiasm in his tone, he added that for Bitcoin to be a true form of currency, it must have higher levels of stability so that it can be a store of reliable value.
“There are some basic things that any currency must comply with. It has to be a store value. It has to be a unit of account. It has to be a method of transferring value. With Bitcoin, because it fluctuates so much, it is not a store of particularly good value. Until it exceeds this particular characteristic, it is not a great coin”.
As the cryptographicmarkets continue to evolve and obtain higher levels of stability, the case against Bitcoin being a true currency will be destroyed, since it will comply with all the basic requirements of a currency mentioned above.
The blockchain-bitcoin technology is a relatively new invention, in just 10 years it has evolved to become a very strong ecosystem, financial education and knowledge that can be generated in the largest number of people and users canmass in a global way , the advance is evident, only time can say how far you can go, while it is possible to continue investigating. It is waiting for new announcements.
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