Almost 30 years ago, Nobel Prize-winning American economist Milton Friedman said he would like to have money controlled by a computer. He also said it would be a better world without the Federal Reserve. One of his two desires is already happening in the form of Bitcoin. In fact, he seems to have predicted its formidable rise in 1991. And with the FED’s incessant money printing causing growing criticism–is it a question of time before the other one comes true as well?
Milton Friedman Would Have Been All-in on Bitcoin
It’s almost eerie watching this short clip in which Friedman appears to talk about Bitcoin, an invention that would come some 18 years later.
"I would like to have money controlled by a computer" – Milton Friedman 1991 pic.twitter.com/V07aznLTMd
— Bitcoin (@Bitcoin) April 13, 2020
As the main advocate opposing the Keynesian government policies in place today, Friedman promoted a macroeconomic viewpoint known as “monetarism.” Rather than the FED stepping in and printing money as they see fit, he argued that there should be a slow and steady expansion of money supply.
The Fed can print endless money, but the rest of the world cannot.
— The Wolf Of All Streets (@scottmelker) April 14, 2020
With the historic bailouts and QE that we see going on today in response to the coronavirus pandemic, Friedman would probably be turning in his grave. He expressed his desire back in 1991 to have money controlled by a computer that could not interfere and adjust the policy at will.
The video clip was posted on the Bitcoin Twitter channel and naturally garnered scores of likes, retweets, and applause. Some of the comments said:
He would prolly be all in with Bitcoin if he was still alive
And others stated:
We’ll make it happen, Milton
Digital Money Was Already Being Talked About at the Time
Of course, with Bitcoin being the most successful experiment of tamper-proof decentralized money running across computers (nodes), it’s easy to forget that there were precursors to Bitcoin.
David Chaum released DigiCash in 1989 which made use of cryptography for private payments and introduced the concept of public and private keys. The project garnered support from libertarians and small groups in favor of a digital currency that could be transferred internationally free from government control.
While DigiCash and other projects pre-Bitcoin failed to gain traction, Friedman was no stranger to the fact that there was a need for electronic money. He believed that it would happen in the future. In fact, in that same year, he said:
One thing we are still lacking and will soon develop is reliable e-cash — a method by which money can be transferred from A to B on the Internet without A knowing B and vice versa
With Bitcoin proposing a viable alternative to fiat and entirely free from central actors; will Friedman’s second desire come true as well? Will the FED be removed completely? It’s going to be interesting to how things unfold origin »
International Monetary Fund’s (IMF) chief economist, Gita Gopinath, said on Tuesday that digital currencies aren’t threatening the US dollar’s role in the global trade. She also mentioned that while cryptocurrencies seem to offer intriguing possibilities, they still aren’t globally accepted and lack the infrastructure they need to defeat the US dollar in order to become […]
The economist Albert Alchain once said “economics does not care whether people are rational, but whether people can survive. ” This statement certainly hits home. After ten years of rapid growth in the digital currency market, the impression most people have is that it’s all just hype, a bubble, or too risky.
Coinspeaker American Economist Jeffrey Tucker Calls XRP Actively Used by Ripple ‘Brilliant Technology’The American economist said that Ripple's XRP-based solutions address the concerns of modern banking and thrive on the failure of banking systems like SWIFT to adapt to today's world.
Paul Krugman, an economist and columnist for The New York Times, has publicly expressed confusion at receiving an email that said a payment had been made to his “blockchain wallet. ”. .
Whether you like it or not, central bank digital currencies are coming. We just don’t know when exactly. According to Dutch bank ING’s financial and banking experts, a “fully-fledged central bank digital currency is coming.
Speaking at the Finopolis forum of innovative financial technologies, Elvira Nabiullina, Russian economist and head of the Central Bank of the country said the regulator doesn’t see a need to issue a national cryptocurrency, reported Russian News Agency, Tass.
According to Tressis chief economist Daniel Lacalle, markets are not pricing in a recession as stocks avoid a steep downturn. “Markets are not pricing a recession at all. Stocks have risen way above earnings growth and macro, so markets are actually more likely to be discounting more easing, but definitely not a recession,” he said.
ING’s Chief Economist, Mark Cliffe, responded in the affirmative when enquired about ING’s plans of launching a digital currency during a joint event to discuss the various aspects of central bank-issued stablecoins.
The fear of a US recession has been on the rise of late. Notable economist Robert Shiller recently said that he “wouldn’t be at all surprised” to see the US go into a recession next year, and now he is being joined by billionaire investor Jeffrey Gundlach.
Three weeks back, the Bank of England Governor Mark Carney made an alarming comment on the global reserve currency, the US dollar. The economist said that the world’s reliance on the greenback “won’t hold” and a new global monetary and financial system backed by many more global currencies would replace it.
Nobel laureate Robert Shiller predicts that the US housing market is on the verge of crumbling. The American economist was speaking to Bloomberg Television when he said: “It would suggest declining home prices in the near future,” Shiller, who teaches at Yale University, told Bloomberg Television on Thursday.
The first reserve currency in the near future will depreciate – said Bank of America, analyzing the statements, intentions and decisions of Donald Trump. Citing the Big Mac Index, recently published by The Economist, the bank notes that the dollar is significantly overvalued to other currencies. For example, to the euro – by almost 20%, […]
A face-off between BitMEX CEO Arthur Hayes and economist and crypto skeptic Nouriel Roubini aka Dr. Doom took place in Taipei Tuesday. The sparks flew on the stage at the 2019 Asia Blockchain Summit when both the parties debated on whether cryptocurrencies are the future or scam. Roubini a known crypto hater said “shitty behavior” […]
The CEO of one of the world’s biggest cryptocurrency exchanges has said he will “wipe the floor” with economist and notorious Bitcoin bear Nouriel Roubini next month. Hayes: Roubini’s Bitcoin Arguments Going Down Confirming his participation in a debate with the fiat veteran, BitMEX CEO Arthur Hayes laid down the gauntlet ahead of time, promising to stand up for Bitcoin in the face of one of its most outspoken critics.
The accusation that bitcoin is nothing more than a Ponzi scheme is perhaps the oldest, longest-standing criticism of the digital bearer asset. The basic idea is that there is nothing of value here and the entire purpose of bitcoin’s existence is to enrich Satoshi Nakamoto and the speculators who bought in for a few pennies or dollars in the early days by tricking others into buying in at a higher price.
By CCN: Morgan Stanley’s chief economist expects a global recession in three quarters if the trade war escalates, CNBC reported Sunday. In May Donald Trump hiked tariffs on Chinese imports from 10% to 25%.
By CCN: President Trump has at least one renowned economist in his corner. Mohamed El-Erian is placing Donald Trump in the same category as America’s beloved Ronald Reagan. In an interview with CNBC, El-Erian, who is among the more open-minded economists out there, approached the trade war from a different vantage point.
It took bitcoin an 85 percent crash followed by a 135 percent recovery to convince a prominent financial expert about its underlying potential. Andrew G Haldane, the chief economist of the Bank of England, said bitcoin is on its way to replace cash, according to an eyewitness’s account.
At the Salt conference in New York, economist and notorious cryptocurrency critic Nouriel Roubini said that “cryptos is the mother and father of all bubbles”
Prominent crypto researcher Christian Catalini is helping Facebook with its stablecoin efforts, two sources with knowledge of the situation tell CoinDesk.
By CCN: The Dow Jones has surged by 0. 8% on the day to 26,517 points after a dip on May 2, which saw the Dow fall to as low as 26,213 points. The unexpected 1. 6% decline in the Dow earlier this week is said to have been primarily triggered by the withdrawal of Stephen Moore from the consideration of being placed on the Federal Reserve Board of Governors.
The New York Attorney General Office in a statement on Thursday alleged that Bitfinex lost $850 million and as a coverup used customer and corporate funds from the USDT stablecoin operator Tether. “The issue is not printing tethers to manipulate bitcoin, but Bitfinex having funds “stolen” and then using Tether's funds,” said economist and crypto […]
Mark Dow, a former International Monetary Fund (IMF) economist who famously shorted bitcoin from $20,000 to its low in the $3,000 range, has said that bitcoin is “buyable. ” #Bitcoin chart. Buyable.
An article out today in the Economist lists several reasons why Bitcoin may never have a “long-lasting” recovery. The unnamed author writes, in part: “The bust has been correspondingly brutal.
In an hour-long question and answer session on Tuesday, the chief economist at European Central Bank (ECB), Peter Praet defended its sub-zero policy rate, calling it a powerful tool that has more positive than negative effects.
CoinSpeaker
Ex. IMF Economist: Shorting Tesla (TSLA) Stock Might Be the 2019 Trophy Trade
The former International Monetary Fund (IMF) economist who shorted Bitcoin from $20,000 to $3,500, Mark Dow, has said shorting Tesla might be the trophy trade for 2019.
Mark Dow, a former International Monetary Fund (IMF) economist who shorted Bitcoin from $20,000 to $3,500, has said shorting Tesla might be the trophy trade for 2019. “Shorting Bitcoin was the trophy trade of 2018.
“S**t f**k, I agree with Nouriel,” said one cryptocurrency enthusiast in reference to NYU economist and vocal bitcoin bear Nouriel Roubini. Agreeing with Nouriel Roubini for a cryptocurrency lover was an unbelievable thing.
Vladislav Ginko has recently talked to Micky, an Australian news outlet, to tell more about his story of how Russia is about to buy $10 billion USD in BTC. He defended his credibility that Russia’s movement has a strong correlation with what he said and that the allegations that his story was fake news were […]
Over the past week or two, a story about Russia adding bitcoin to their foreign currency reserves has been reported in a variety of media outlets such as The Daily Telegraph, Fortune, and ZeroHedge.
Russian Economist Vladislav Ginko has said that he expects the Russian government to invest at least $10 billion from…
The post Russia May Put $10 Billion into Bitcoin in Q1 2019 appeared first on Invest In Blockchain.
Mark Dow, a former International Monetary Fund economist who manages a family office in Southern California, has closed his short position on Bitcoin almost a year after opening it at the height of the crypto’s meteoric rise.
Bitcoin Is A ‘Lottery Ticket’ Says Harvard Economist Kenneth Rogoff, a former IMF chief economist and Professor of Economics and Public Policy at Harvard University, mentioned that Bitcoin (BTC) and other virtual currencies are just ‘lottery tickets.
The author of the hugely popular The Bitcoin Standard has said that Bitcoin is “not optional” and that it’s “here to stay. ” Dr Saifedean Ammous, has been interviewed in the mainstream press.
Glassdoor Economic Research is delivering much needed good news to the crypto community saying that despite extreme price volatility and regulatory uncertainty, the number of crypto jobs in the blockchain and cryptocurrency sector has risen by 300 percent since the same time last year.
Nouriel Roubini Couldn’t Convince With Absurd Data on Bitcoin The recognized economist, Nouriel Roubini, has been recently attacking the crypto space and blockchain technology. He had some discussions with Vitalik Buterin and was present at the Senate Banking Committee hearing on cryptocurrencies.
Nouriel Roubini, an economist best known for his predictions of the 2008 housing bubble, and Peter Van Valkenburgh, Coin Center’s director of research, testified before the U.
The founder of Ethereum, Vitalik Buterin has just revealed how much Ethereum he actually owns. In a recent tweet, Buterin responds to accusations by an economist at NYU and crypto critic Nouriel Roubini (also known as Dr Doom) who has claimed that Buterin is a scammer and a thief.
Former Google CEO Eric Schmidt believes that in next 10-15 years, the internet will split into two with one part will be led by China and other by the US. Schmidt said in reply to economist Terry Cowen’s question on the possibility of having three to four separate internets a decade from now: I think the most likely scenario now is not a splintering, but rather a bifurcation into a Chinese-led internet and a non-Chinese internet led by America.
In many countries, there are emerging monetary crises as local currencies lose value. Local governments or central banks are unwilling or unable to solve inflation, and that’s a key chapter in the story of Bitcoin.
Amid renewed talk about cryptocurrency prices surging in the second half of 2018, one of the industry’s oldest commentators has said he does not think this year will see new all-time highs. ‘Sideways And Downside Potential’ In a forecast and analysis August 2, economist and investor Tuur Demeester said that 2018 would likely fulfil the role of a “shakeout year” in both Bitcoin and altcoin markets.
Ethereum’s Vitalik Buterin has said that blockchain technology and digital currency have at least a few more bigger challenges left until they can finally reach a mainstream appeal.
Buterin sat down the economist Tyler Cowen in a new interview whist explaining that scalability and making it easier for the users are imperative for the success of new technology.
Nobel prize-winning economist and Columbia University professor Joseph Stiglitz is among those critics. Although the ledger of transactions that has taken place on the blockchain is public, Stiglitz says the anonymity of bitcoin opens the door for criminal enterprises.
Recently, a well-known American economist, a professor in the field, and an Op-ed columnist for The New York Times has ‘accidentally’ pulled a thread on Bitcoin Cash while trolling Ripple’s token XRP for its use-case.
In an interview with Bloomberg TV, Robert Shiller, a prominent economist, Yale University economics professor and Nobel economics prize winner Robert Shiller said that Bitcoin [BTC] is a generational and geographic phenomenon.
Nobel Prize-winning economist Robert Shiller has not been shy with his views on cryptocurrencies, referring to them as an example of “faddish human behavior” in April. The Yale professor called Bitcoin a social movement in a recent interview and said its popularity is split across different lines.