Although he did acknowledge that blockchain technology had some advantages, Voth doesn’t believe Bitcoin or any other cryptos can replace money or solve any modern monetary problems, as he told Kitco News’ David Lin in an interview published on September 13.
Taking away the driver’s license from governments and banks
In the interview, Voth discussed the modern monetary theory (MMT), which basically suggests that the government can solve a lot of problems by creating more money without fear of consequences as its the issuer of the currency. He expressed his disagreement with it, stating that it was attractive but implausible, also stressing that the gold standard or the Bretton Woods system was an example of an alternative that would still fail to solve these problems. As he explained:
Bitcoin is a ‘disaster environmentally and in terms of transactions’
Asked by the host whether a Bitcoin standard could fix some of the problems or do some of the things that the Bretton Woods system failed to do, Voth voiced his pessimism over such a scenario, opining that: However, the Zurich University professor does admit that “blockchain has all sorts of attractive attributes” but concludes again that “the idea that this should be replacing money seems completely misguided to me.” Watch the full interview below: Featured image via New Economic Thinking YouTube Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
