Mubasher: Over the past few days, bitcoin has surged passing several major milestones.
On Sunday, it passed the $9,000-mark, then $10,000, and on Wednesday it passed $11,000. Would the cryptocurrency continue its ascent towards $12,000? Perhaps, however, Nobel Prize-winning economist Joseph Stiglitz said that bitcoin may crumble at the hands of the law.
The cryptocurrency has thus far served only one function and that is reaping in massive profits for its investors, having soared by as much as 12-fold since the start of 2017.
Meanwhile, Stiglitz sees that “Bitcoin is successful only because of its potential for circumvention, lack of oversight. So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.”
The Columbia University professor further warned that bitcoin was “smoke and mirrors”, highlighting that there could be a major government crackdown on the currency at any moment.
“It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down,” Stiglitz told Bloomberg in an interview on Wednesday. “We ought to just go back to what we’ve always had.”
