On May 28th, the Central Bank of England was told that Bitcoin is headed towards being the ultimate financial system for the future by the popular British historian and political author Niall Ferguson.
Ferguson is one of history’s most wanted commentators’ and the author of ‘The House of Rothschild’. On Tuesday, he attended a seminar addressing the Bank of England that the subject of Bitcoin is ahead of the major challenges faced since the ‘2008 financial-crisis’ following its current fiat-based system.
He believes that the financial system of today is not much different from the financial system of the pre-crisis period, other than the aspect of better capitalization of big banks. The crypto-revolution is yet to overtake the financial markets with context to time and electricity-backed experiments of these alternative forms of money exchange.
Ferguson was quoted as saying:
“The novelties, the things that will really matter ten years hence are still relatively small in scale. Whether its bitcoin or cryptocurrency generally or the massive revolution in online payments that is being achieved by the big Chinese tech companies, that’s the financial system of the future, and it is still small enough not to be systemically important in 2018.”
So, it shouldn’t come off as a surprise that the next crisis is “only a matter of time”. He also truly believes that blockchain-based coins and tokens will not be able to completely replace Bitcoin as it has set its standards of becoming world’s most popular digital gold.
He had claimed earlier that “it is a store of value for wealthy investors”, in countries that own high political risks and weak governance. Since then, the cryptocurrency market has grown beyond recognition with more and more ICOs coming into the scene.
Initial Coin Offerings who have raised their money in Bitcoin and other big cryptocurrency exchanges like Ethereum have found a “quick and easy” way to fund new innovations, which is an alternative to issuing shares.
Ferguson reported last week, saying:
“I wish I had a bitcoin for every phony white paper I’ve been shown the last six months, by people trying to raise money before the SEC clamps down, adding a reference to the fact that with zero regulation, rogues are bound to be in the scene.”
Vitor Constancio, the Vice-President of the European Central Bank, arguably quoted as saying:
“Bitcoin is a sort of tulip. It’s an instrument of speculation for those that want to bet on something that can go up and down 50% or 40% in a few days, but certainly not a currency.”
About 5 days ago, Economics’ Nobel Laureate, Robert Shiller had tried answering the questions of cryptocurrency surpassing the constant warnings and scams. He stated that Bitcoin entrepreneurs still continue to work on developing use cases with the help of new innovations and technology.
Shiller explained this by saying:
“Each of these monetary innovations has been coupled with a unique technological story. But, more fundamentally, all are connected with a deep yearning for some kind of revolution in society. The Cryptocurrencies are a statement of faith in a new community of entrepreneurial cosmopolitans who hold themselves above national governments, which are viewed as the drivers of a long train of inequality and war.”
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