World-renowned expert on the history of Economics, former Professor of history at Harvard University and senior fellow of the University of Oxford NiAl Ferguson admitted that he was wrong in relation to bitcoin, once calling it an “illusion”. This writes the Australian Financial Review.
The bitcoin to British scientist learned five years ago from his son, however, refused to follow his advice and purchase the cryptocurrency. How, then, said Ferguson, this is nothing more than an illusion and the next fad, and the technology has no future.
However, speaking this week at The Australian Financial Review Business Summit in Sydney, he acknowledged that now regrets that did not listen then to the words of the son. And it’s not even in lost investment opportunities that Ferguson realized, seeing as bitcoin rose in price from $400 to $16,000, and in the fundamental technology.
“I’m very much mistaken. I was wrong when I said that the currency based on blockchain technology cannot be used”, — said the scientist.
Admitting that the basis of his initial prejudice against of bitcoin lay the previously obtained knowledge about the history of financial innovation and Fiat money, Ferguson also noted that after December 2017, the market decline is not terrible moreover, if you look at the levels that have dropped over the past year bitcoin, they say that cryptocurrency is fairly stable.
“The current $3000 — $4000 is very far from the price collapse. And I don’t think that everything is an illusion,” said Ferguson.
Noting that certain investors can certainly involve the fact that the cryptocurrency is not correlated with traditional asset classes, it also affected more than the more General question of the prospects of bitcoin. In particular, Ferguson said, the next ten years, with the big share of probability will be to Finance more innovative, because in many ways their development was constrained by strict regulation, adopted by the world governments after the crisis of 2008.
“It will be a truly revolutionary time,” he added.
Earlier, the author of the famous work “the Black Swan” Nassim Taleb said that in the long term would prefer to keep the bitcoin instead of the dollar, although he admitted that between the cryptocurrency and gold would choose the latter.
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