There is no doubt that most scientists and professors in general are not the biggest fans of bitcoins and cryptocurrencies in general, but it remains unclear whether their biases will change as the emerging technologies evolve.
In a recent interview, a well-known professor at Yale University shared his thoughts on cryptocurrencies and expressed some unique ideas regarding trends related to decentralized book-based currencies and the demand for storage facilities outside the traditional banking system.
William Goetzmann, a professor at Yale University and a Pulitzer Prize winner, an expert on the history of finance, in a recent interview shared his thoughts on cryptocurrency and expressed an opinion about rapidly developing technologies that are rarely seen in a high adult world. academic circles.
Although Goetzmann initially expressed a cautious attitude to Bitcoin, noting that a number of fundamental risks are currently inherent in this technology, he also stated that there is a need for a way to transfer or store value outside the global banking system.
“I suspect that there is a need for a method of transferring and storing value outside the remit of the global banking system, but it’s rather difficult to figure out what the core value is,” he explained.
Cryptocurrency can return to the ancient forms of currency
Another interesting idea, expressed by Getzmann, was that some ancient forms of currency were strikingly similar to modern forms of cryptocurrency.
“In ancient times, some money really resembled today's cryptocurrency in the sense that they were all based on accounts, an account book. There is no physical bitcoin; You can buy, sell and trade bitcoins with other people, but this is accounting and in fact nothing more, ”he said.
Although there are hints of excitement in his tone, he also added that in order for Bitcoin to be a real form of currency, it must have a higher level of stability so that it can be a reliable means of preserving value.
“There are several basic things that any currency has to do. This should be her value. This should be a unit of account. This should be a cost transfer method. With bitcoins, because it strongly fluctuates, it is not particularly profitable … Until it overcomes this feature, it is not a very good currency.
As cryptocurrencies develop and acquire a higher level of stability, the case of whether Bitcoin is a real currency will be broken, because then it will fulfill all the above-mentioned basic currency requirements.