Bitcoin
$ 49,324
Ethereum
$ 1,561.7
Litecoin
$ 183.46
okex ads

Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay despite the concerns by some that it may be a bubble. The former secretary asserts that bitcoin’s price fluctuations are in fact a sign of its resilience.

In his latest comments about bitcoin, Summers, who in 2016 became a senior adviser to Digital Currency Group, reiterates his position about the crypto and its underlying technology. Before the new remarks, Summers previously predicted that the “financial industry will adopt the technology underpinning bitcoin.”

Still, in his latest comments, Summers touches on the crypto’s fixed supply and how this is a factor behind its current rise. The former Secretary says:

I think people are going to move towards it, and as people move towards it, given the finiteness of its supply, that’s going to be a factor working to raise prices.

Although Summers refuses to predict the crypto’s future price, he does hint that this will likely go up, and “institutions like it.”

Meanwhile, in addition to bitcoin’s fixed supply, the former Secretary is also quoted as suggesting that factors like interest earned on bonds might have an effect on the crypto asset’s value. According to Summers, if the amount earned on bonds goes down, “people put less of their money into bonds and more of their money into other assets.”

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Hackers Unveil the First Real DeFi Product
March 4, 2021By
Impact Of Emerging Techs
March 4, 2021By
How to become a successful affiliate marketing manager
March 3, 2021By

Advertisement

Video Posts

In
Impact Of Emerging Techs
March 4, 20210
In
How AI And Blockchain Can Augment Human Ability To Innovate
March 1, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin49,324 1.16 % 4.76 % 1.05 %
Ethereum1,561.7 0.59 % 3.91 % 4.10 %
Cardano1.150 1.90 % 8.28 % 8.42 %
Binance Coin236.62 1.21 % 5.26 % 7.38 %
Tether0.9962 0.51 % 0.46 % 1.40 %
Polkadot35.77 1.63 % 5.15 % 6.05 %
XRP0.4524 1.54 % 0.68 % 4.07 %
Litecoin183.46 1.41 % 4.69 % 0.66 %
Chainlink28.99 1.01 % 5.48 % 2.97 %
Bitcoin Cash514.20 1.18 % 5.35 % 2.92 %