Who says “geniuses” can’t be wrong? In this case, one Nobel prize winning economist may have gotten everything wrong about Bitcoin. Joseph Stiglitz, the 73-year-old Nobel Laureate, and professor at Columbia University had the Bitcoin community dumbfounded after he said that Bitcoin has been banned by the United States.
Unless Joseph Stiglitz was referring to some inside information which others aren’t privy to, we can safely assume that he has misread the facts about the digital currency. He was speaking at a public event organized at the London School of Economics when one of the audience asked him about Bitcoin.
According to media reports, the recipient of over 40 honorary degrees, Joseph was asked to explain his perception of Bitcoin and other cryptocurrencies. The person from the audience was quoted asking,
“…what is your opinion of Bitcoin? Not necessarily on what is its impact, the trend and how it’s shaping the international system, globalization, but what is your perception of Bitcoin and cryptocurrencies?… your personal opinion about the creation of cryptocurrencies.”
Joseph’s response not only showed that he understands the basic concept of Bitcoin but also his myopic view of the digital currency. According to him, the potential