Nobel Laureate Economist Claims Bitcoin is a Bubble that ‘Ought to be Outlawed’

As Bitcoin’s price continues to climb past $10,000, one Nobel Laureate Economist says Bitcoin is a bubble, lacking in all social usefulness, and should be outlawed.

Nobel-prize winning economist and one of Time Magazine’s 100 most influential people in the world (2011) Joseph E. Stiglitz has provoked the ire of the cryptocurrency community with his recent comments on Bitcoin. Refusing to mince words, in a recent interview with Bloomberg Television Stiglitz declared:

Bitcoin is successful only because of its potential for circumvention, lack of oversight. So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function. We ought to just go back to what we always have had.

Stiglitz’s stinging analysis of Bitcoin’s legitimacy flies in the face of the digital currency’s stellar performance this year. Despite vocal detractors and bans on exchanges, Bitcoin’s value has continued to climb. In fact, no sooner did Bitcoin crack the $10,000 mark than it went on to breach $11,000 a mere handful of hours later.

Regardless, Stiglitz remains convinced that Bitcoin is just another bubble:

It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down.

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