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According to the economist: Cryptocurrencies like Bitcoin allow for “nefarious activity.”

Three major American economists Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini have recently spoken negatively about Bitcoin’s (BTC) chances for survival in an interview with Financial News yesterday, July 9.

Stiglitz, a Nobel Prize-winning economist, and professor at Columbia University.

Rogoff the former chief economist at the International Monetary Fund (IMF), a Harvard University professor, as well as a professional chess player.

Roubini, the NYU economist also known as “Dr. Doom” for allegedly predicting the 2008 financial crisis.

Stiglitz criticized Bitcoin’s anonymity, which he argued contradicts the idea of creating “a transparent banking system.”

Rogoff his critical stance on Bitcoin, claiming the top cryptocurrency would be worth as low as $100 in ten years. He also spoke to government involvement in the crypto sphere, warning that “people in power” will take care of regulating “anonymous transactions.”

Roubini argued that Bitcoin fulfills “none of” the characteristics of money. Roubini also criticized Bitcoin’s volatility, stating dismissively that Bitcoin “is not even accepted at bitcoin conferences, and how can something that falls 20% one day and then rises 20% the next to be a stable store of value?”

According to the economist, cryptocurrencies like Bitcoin allow for “nefarious activity,” which “no government can allow.”

Stiglitz further claimed that global financial regulators have not yet acted more stringently because the crypto market is still relatively small, stating:

Once it [the cryptocurrency market] becomes significant they will use the hammer.

As Stiglitz suggested in the interview some governments globally have in fact made explicit statements about crypto as a phenomenon that, at least at its current volumes, does not threaten traditional finance.

The central bank the Bank of Korea (BOK) also claimed that crypto assets do not pose risks to the local financial market given their “not really big” volume compared with other equity markets.

In late May, a branch of the Dutch government declared that cryptocurrencies present a low risk to financial stability in the country.

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