Following the recent ban placed on bitcoin transaction in Morocco, Nigeria and Zimbabwe. Joseph Stiglitz, a popular Nobel Prize Winner, has stated on the Bloomberg TV that cryptocurrencies like Bitcoin should be ban. This statement was believed to be widely criticized by opposing camps. Stiglitz based his assertion on the analysis saying that the market for Bitcoin is mostly driven by its decentralized nature – the potential to by-pass government agencies.
His continued by stating that the Bitcoin market fluctuates a lot, ‘going up, and then coming down,’ which leaves many investors injured, hence, Bitcoin should be ban. He adding that Bitcoin does not serve any ‘socially useful function.’
Ban it all
Dr. Stiglitz may also apparently desire to place a ban on the famous FANG stocks (Facebook, Apple, Netflix, and Google), which, on the same day as the recent price drop for Bitcoin, faced far greater losses.
Actually, while Bitcoin lost about $3 billion in market cap, the FANG stocks lost almost $60 billion – this is about twenty times as much as Bitcoin’s loss. If consumer protection is the main goal, then FANG stocks are a far greater risk, and worthy of the ban.
Banning seems Impossible
In the final analysis, irrespective of the many opinions of economists and the moves made by some governments to ban Bitcoin, the very nature of Bitcoin would still make it impossible to place a ban on it. Rather, governments should simply map out ways to deal with the cryptocurrency like regulating its trade in rational and reasonable ways.
According to the Founder of Havven, Kain Warwick:
“Thankfully it’s somewhat irrelevant whether anyone in particular thinks Bitcoin should be ban, because one of its strongest points is that it is, in practice, not able to be banned.”
Read more on move to ban Bitcoin here
Are you also of the opinion that Bitcoin should be ban? Let’s hear your opinion.