Ten opinions of professionals on Bitcoin
Few are the people and especially the economists who believed in Bitcoin in its infancy.
But the year 2017 saw more and more personalities recognize that Bitcoin is a currency. And some even think that it is a way to revolutionize the economy and the world. A way to give less power to states and more to individuals.
We will present here a list of economists who have always believed, who have come to believe, or who do not believe at all in Bitcoin.
Doug Casey enters the category of anarcho-capitalists. He is also a writer and writes numerous essays on markets and politics.
When he started, Casey did not support cryptocurrency at all.
But recently, he has reviewed his position and said that Bitcoin is a fiduciary currency.
He compared it to the dollar or any other currency in the world.
He even admits he made a mistake by saying that Bitcoin had no value.
On the other hand, it is not sure that this phenomenon will last.
Konrad Graf is among the well-known economists who have always believed in cryptocurrency.
He has written several articles on Bitcoin.
For him, “Bitcoin is among the greatest inventions in history.”
Hans Hermann Hoppe
This American economist is also part of the anarcho-capitalists.
Hoppe has never been a Bitcoin lover.
But it retains especially in the virtual currency its decentralized side.
He claims that decentralization will end the nation-states and parasites that democracies engender.
“Do not trust democracy, but do not believe in dictatorship either,” he says. “Put your hopes instead in radical political decentralization.”
David Kramer is a writer.
His tendency is anti-war, libertarian and pro-markets.
It is not part of Bitcoin Pro.
For him the cryptocurrency is worthless. He explains that only the free market can determine a fixed monetary source.
But his arguments have been rejected by many pro Bitcoin like Jon Matonis.
Morphy is one of those anarcho-capitalists who love Bitcoin. He has also written a book on the subject: “understanding Bitcoin, the guide for lovers of freedom, mechanics and the economy of crypto currencies.”
For him the regression theorem of Ludwig von Mises “has no bearing on the question”.
To know if Bitcoin is a currency or a means of exchange is a purely rhetorical question and the famous theorem is not relevant on the subject.
Gary North is among the most vocal opponents of Bitcoin.
For this Austrian economist, Bitcoin is no other than a huge Ponzi scheme, arguably the largest in history.
His conception has been repeatedly rejected by other economists.
It nevertheless persists and predicts cryptocurrency a cataclysm such as that of Bernard Madoff.
Dr. Ron Paul
Dr. Ron Paul has appeared three times in the US presidential elections.
He is a student of the Austrian School of Economics.
He has written many books, including the famous “End the Fed”.
Paul has not always been a strong supporter of Bitcoin. He preferred precious metals.
Yet for some time, he has changed his mind and now presents advertisements for the IRA, a new cryptocurrency.
He explains: “As a strong supporter of currency competition, I am delighted to see the possibilities opened up by Bitcoin.”
Peter is an investor who is not really a Bitcoin fan.
He very often compares the Bitcoin phenomenon to the “tulipomania” of the seventh century.
He thinks Bitcoin has no intrinsic value. And he does not think Bitcoin can be a real currency. At most, a means of exchange without any value.
Jeffrey Tucker was part of Bitco-skeptics.
He is an economist specialized in digital development.
But today it is a real passion for crypto currency.
For him, distributed networks are a real revolution that will make economic power to individuals.
For Stefan Molyneux, Bitcoin could be a way to end nation-states.
“In a Bitcoin world you will not be able to print money for wars,” he says. “You will not have money for prisons or for the drug war, you will have to ask the people.”
As you can see, the opinions of professionals about crypto currencies are shared.
Some have always defended them.
Others start to appreciate them.
Still others may never defend them.
As for us, we only have to read their writings to form our own opinion.