On May 6, the famous American economist and Nobel Prize winner Joseph Stiglitz confirmed his negative stance towards the cryptocurrency segment.
"We should shut down the cryptocurrencies’," stated the scientist, pointing to the main disadvantages of digital currencies like Bitcoin.
Stiglitz believes that it is wrong to consider cryptocurrency as a good method of creating a more efficient global economy as it lacks transparency. Joseph Stiglitz stressed that cryptocurrencies accompany illegal activities when funds are transferred from "transparent platforms to shadow ones".
As a result, he notes that no one actually requires a cryptocurrency, since because it fails to provide properties of so-called good currency, whereas the US dollar has all these properties.
At the same time, Stiglitz once again commented on the mechanism of e-payments representing a transparent financial system. According to his statement, real-time data covering spendings will create a better-regulated economy and macroeconomic management. For reference, similar messages were made in 2017, citing that Bitcoin should be banned because it does not perform any socially useful functions and represents a risk for investors due to its high volatility.
It was reported earlier that one of the largest financial asset managers in the world, Fidelity Investments, expressed intentions to launch crypto trading services for institutional clients in the near term.