Joseph E. Stiglitz, Nobel Prize for Economics and Professor, School of International and Public Affairs (SIPA), Columbia University, has condemned Bitcoin as “successful only because of its potential for circumvention [and] lack of oversight,” and has called for it to be banned.
In a Bloomberg Television interview, he said the cryptocurrency doesn’t serve “any socially useful function” and he believes that Bitcoin is a bubble that will give “a lot of people a lot of exciting times as it rides up and then goes down.”
Bitcoin’s rapid increase in value has led many analysts – including Stiglitz and fellow Nobel Prize laureate, Robert Shiller – to suggest Bitcoin’s rise is unsustainable and a price collapse is almost inevitable.
The value of one Bitcoin went past $10,000 for the first time this week – continuing the huge rises seen since the beginning of 2017. At the start of the year, it was worth just $998.