Former US Treasury Secretary Lawrence Summers has said that cryptocurrencies will be more important than people think, and that Bitcoin is likely to be the best-performing currency in the next decade. Summers, a well-known economist, was a Treasury Secretary in the Clinton administration and also served as Director of the National Economic Council under President Barack Obama. He made the comments on the sidelines of the annual World Economic Forum in Davos, Switzerland.
Cryptocurrencies are here to stay, says former US Treasury Secretary Lawrence Summers in a recent interview. Summers said that the cryptocurrency market has grown much larger than he would have expected it to and he is very much impressed by the technology behind the digital assets which he called as digital gold. He said that it is a remarkable technical achievement.
Larry Summers is the former Treasury secretary under President Bill Clinton. He has been very critical of cryptocurrency in the past, but recently he has had a change of heart. He is now saying that cryptocurrency is here to stay and is no doubt here to stay as digital gold, but also he believes that it is a bubble. He also believes that it is important to have a regulatory framework in place.
Larry Summers, former US Treasury Secretary and World Bank chief economist, believes cryptocurrencies will endure and become a type of digital gold. He believes that people need an alternative to gold that is independent of the daily operations of governments.
Larry Summers, former World Bank economist, calls bitcoin digital gold
Lawrence Summers, who was Treasury Secretary in the Clinton administration and director of the White House National Economic Council in the Obama administration, discussed the future of cryptocurrencies in an interview with Bloomberg on Friday. He was also president of Harvard University and chief economist of the World Bank. He is currently President Emeritus of Harvard University and Charles W. Eliot Professor at the University. Summers began by answering the question: Is there a desire, a long-standing human desire, to possess a good that seems separate and apart from the daily activities of governments? I think the answer to that question, as history shows, is yes. He clarified: Gold has long been an important asset of this type. Cryptocurrencies have the potential to become a coordinated form in which people seeking security store assets. I think cryptocurrencies are here to stay, and probably as a kind of digital gold. While it is unlikely that cryptocurrencies will make up the lion’s share of payments, Summers believes they could become an important part of online commerce. If cryptocurrencies make up at least a third of the total value of gold, he said, that would represent a significant increase in value from current levels, meaning there is a good chance cryptocurrencies will be part of the system for a long time to come. The price of bitcoin fell Sunday and currently stands at $33,644, according to markets.Bitcoin.com. A number of analysts have predicted the value of bitcoin relative to the market value of gold. Yasin Elmanjra, a crypto analyst at Ark Invest, said earlier this month that it was possible for bitcoin to reach parity with gold in the next five years, when gold’s market value will approach $10 trillion. Since the market value of BTC is currently around $700 billion, this could mean a price increase of 14 times or more, the analyst said. Ark Invest expects the price of bitcoin to reach $500,000. Guggenheim IT director Scott Minerd said in February: If you look at the stock of bitcoins compared to, say, the stock of gold in the world….. When bitcoin reaches these numbers, we are talking $400,000 to $600,000 per bitcoin. ….. It’s an indicator of what the fair value might be, Mynerd predicted. Eric Peters, CEO of One River Asset Management, also compared bitcoin to gold. I think one day it will be worth more than gold, he said. If it simply came down to the market value of all the gold in the world, it would be around $500,000 per bitcoin. What do you think of what Larry Summers said about bitcoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Former US Treasury Secretary Larry Summers says cryptocurrency is here to stay, and that blockchain technology is the future of finance. Summers says cryptocurrency, or digital currency, is “the big thing” in the future of finance, and blockchain technology will change the way people transfer money. The technology will allow people to transfer money in a secure, private and efficient way.. Read more about bitcoin price and let us know what you think.
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