Home Coins Bitcoin (BTC) Former US Treasury Secretary Larry Summers Says Bitcoin 'Is Here to Stay'...

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

- Advertisement - IQ Option CPA

AliExpress WW

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.”

Do you agree that bitcoin’s fixed supply is one key factor that is attracting institutional investors? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bloomberg



AliExpress WW

Source link

- Advertisement - IQ Option CPA
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
468FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,558FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.22
GBP
1.41
CHF
1.10
NOK
0.12
JPY
0.01
CAD
0.80
AUD
0.80

Most Popular

bitcoin
Bitcoin (BTC) $ 49,666.00
ethereum
Ethereum (ETH) $ 1,617.24
tether
Tether (USDT) $ 1.01
bitcoin-cash
Bitcoin Cash (BCH) $ 525.21
litecoin
Litecoin (LTC) $ 180.64
eos
EOS (EOS) $ 3.89
okb
OKB (OKB) $ 18.53
tezos
Tezos (XTZ) $ 3.53
leo-token
LEO Token (LEO) $ 1.93
cardano
Cardano (ADA) $ 1.06
monero
Monero (XMR) $ 208.01
stellar
Stellar (XLM) $ 0.405083
chainlink
Chainlink (LINK) $ 27.94
huobi-token
Huobi Token (HT) $ 19.28
tron
TRON (TRX) $ 0.047794
usd-coin
USD Coin (USDC) $ 1.01
dash
Dash (DASH) $ 237.23
neo
NEO (NEO) $ 40.77
iota
IOTA (MIOTA) $ 1.19
nem
NEM (XEM) $ 0.529602
zcash
Zcash (ZEC) $ 131.60
maker
Maker (MKR) $ 2,230.81
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 11.85
vechain
VeChain (VET) $ 0.042700
true-usd
TrueUSD (TUSD) $ 1.01
ftx-token
FTX Token (FTT) $ 29.83
kucoin-shares
KuCoin Token (KCS) $ 5.34
waves
Waves (WAVES) $ 9.78