OpEd by Bill Taylor/Contributor
OH NO! Nobel prize winning economist Robert Shiller must not have a whole lot to do right now since he is taking time from doing whatever economists do to, again, predict the demise of cryptocurrencies. But hey, if you predict something frequently and consistently over a long period of time you can never be wrong. Right?
Now I am certainly no Ivy League Nobel winning anything (thought I went to TCU and our football team can crush the Yale team), but I believe Mr Shiller may be in the camp of ‘not seeing the forest for the trees’. Also, not to diss his previous calls, but the dot-com bubble and the housing bubble were both pretty well seen by lots of folks (check the trading floors). But I digress.
It seems everybody who is anybody is quick to try and predict the demise of a whole new financial technology and the POSSIBILITY that there may be a new form of currencies and financial innovation happening as I type. Maybe all these folks (ironically they all seem to be American) haven’t taken the time to check the rest of the globe and what is really happening. Japan (kind of a big economy) has classified bitcoin as legal tender. Banks in Europe are developing their own cryptocurrencies (as are banks in Japan). Some central banks are in the process of launching digital currencies of their own. Here in the U.S? Not so much.
Now, ignoring all the ‘warnings’ from the the super smart sages, let’s just say bitcoin, bitcoin cash, cryptos in general, etc. are here to stay and one WILL evolve into a globally accepted currency.
Ah, as a side note, can someone PLEASE explain the Euro to me. I understand some smart people met in Brussels (?), said let’s create a new currency (paper) that will replace other sovereign fiat currencies, it won’t be backed by anything and we will just tell people its valuable so everyone (merchants, restaurants, etc) will accept it. COOL! And if it works we can just print more of it. Just never tell anyone it has no value other than acceptance.
Hmmm! Bitcoin without the central committee? Just thinking.
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews