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Bitcoin (BTC) remains a hot topic of discussion among top delegates and institutions of the world. The former U.S. Treasury Secretary Larry Summers has recently endorsed Bitcoin saying that it is here to stay. During an interview with the Bloomberg Wall Street Week, Summers said:
āI think some institution, like Bitcoin (BTC),Ā is here to stay. I donāt think the whole thing is going to collapseā¦people are going to move towards itā¦the finiteness of its supply [is] going to raise prices.ā
Fmr Treasury Sec Larry Summers:
"I think some institution, like [#bitcoin], is here to stay. I don't think the whole thing is going to collapseā¦people are going to move towards itā¦the finiteness of its supply [is] going to raise prices." pic.twitter.com/WVDMXFPoKz
ā Neil Jacobs (@NeilJacobs) January 17, 2021
Summers also stated that Bitcoin (BTC) might consolidate at these levels for some more time, however, goes on to add that it is much more resilient to any sort of crackdown. Interestingly, the recent comment from Summers comes just at a time when the former Canadian Prime Minister ā Stephen Harper ā said that Bitcoin (BTC) might replace USD as the reserve currency. Harperās comments came during his recent interview with Cambridge Houseās Jay Martin.
āItās hard to see what the alternative is to the U.S. dollar as the worldās major reserve currency. Other than gold, Bitcoin, a whole basket of things [ā¦] I think youāll see the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it,ā he said.
However, Bitcoin certainly isnāt appealing to some of the other world leaders and big institutions.
World Leaders and Institutions Criticizing Bitcoin
Last week, European Central Bank President Christine Lagarde called Bitcoin a āFunny businessā. She further went on to stress that Bitcoin is a speculative asset and plays with investorsā psychology. In fact, Lagarde also commented that Bitcoin facilitates payments for some of the illicit activities happening around the world.
āFor those who had assumed that it might turn into a currency ā terribly sorry, but this is an asset and itās a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money-laundering activity,ā Lagarde said in an online event organized by Reuters.
One of the worldās biggest wealth-management even went to the extent of saying the cryptocurrencies can go to zero. āThere is little in our view to stop a cryptocurrencyās price from going to zero when a better-designed version is launched or if regulatory changes stifle sentiment. Netscape and Myspace are examples of network applications that enjoyed widespread popularity but eventually disappeared. Investors in cryptocurrencies must therefore limit the size of their investments to an amount they can afford to lose,ā UBS Wealth said.
The post Former U.S. Treasury Secretary Larry Summers Says Bitcoin (BTC) Is Here to Stay, Former Canadian PM Calls It Reserve Currency appeared first on Coingape.
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