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Nobel Laureate Stiglitz Trashes Bitcoin

Published 13/07/2018, 09:52 pm
Updated 13/07/2018, 09:52 pm
© Reuters.

© Reuters.

Investing.com - Call it doom and gloom with a bit of trash talk.

Nobel Prize-winning economist Joseph Stiglitz says bitcoin will be "regulated into oblivion."

Stiglitz, also a former World Bank economist, made the prediction in an interview with Financial News, in which he also predicted bitcoin may be worth as little as "$100 in 10 years."

Stiglitz expects a major regulatory crackdown on cryptocurrencies, partly because of their secretive nature and use in criminal activities.

Now a professor at Columbia University, Stiglitz told Financial News that "people in power will move to regulate anonymous transactions."

Stiglitz has previously called bitcoin a "bubble" that serves no useful function, and should therefore be "outlawed."

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