Joseph Stiglitz: Bitcoin Money Laundering
on Saturday, February 3, 2018Joseph Stiglitz Money Quote saying he believes that people want digital currency like Bitcoin only to circumvent the law – so he thinks it will implode without illicit uses. Joseph Stiglitz said:
“When you regulate it so you couldn’t engage in money laundering, there will be no demand for Bitcoin” — Joseph Stiglitz
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In this quote, economist Joseph Stiglitz is referring to the cryptocurrency Bitcoin. He is suggesting that if governments were to implement strong regulations that effectively prevent the use of Bitcoin for money laundering activities, it would significantly reduce the overall demand for Bitcoin.
Stiglitz seems to be implying that a large part of Bitcoin’s popularity and value currently stems from its ability to facilitate illegal transactions like money laundering in a pseudonymous manner.
So in his view, regulating Bitcoin in a way that eliminates this anonymity and cracks down on its illicit uses would undermine an important driver of its adoption and valuation.
Why do people want Bitcoin? For secrecy, according to the economist Joseph Stiglitz. The world's biggest cryptocurrency should be regulated "out of existence," says the Columbia University professor, seen in @sdawsonphoto's portrait. And it exists only because of abuses to the financial system, he's told us at the World Economic Forum in Davos. There's been intense speculation about whether Bitcoin has peaked. It reached as high as $19,511 before Christmas but is now back down around $11,000. #WallStreet #business #bitcoin #cryptocurrency #crypto #currency #forex #money #finance #invest #investment #economics #rich #wealth #millionaire #billionaire #entrepreneur #entrepreneurs #startup #technology #tech #computer #geek #geeks #quote #quotes #quoteoftheday #powerful #successful
Joseph Stiglitz believes that Bitcoin and other cryptocurrencies are mainly used for illicit activities like money laundering. He thinks that if cryptocurrencies were strictly regulated so they could no longer be used for illegal purposes, then there would be little legitimate demand or value for them. Stiglitz argues that without their ability to circumvent laws and regulations, cryptocurrencies would lose much of their utility and appeal, causing their value and use to significantly decline or “implode.”