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Ed Yardeni, a highly respected economics and investments researcher, recently observed that the technology behind bitcoin has shown the potential to have a wide-ranging impact on financial markets, Dieterich wrote.
Recent developments in the financial markets have not bolstered confidence in government-sponsored currencies, Yardeni observed. Bitcoin and gold, which attract people who are wary of traditional financial institutions, have rallied.
Bitcoin A New Asset Class
Yardeni noted research papers have cited bitcoin as a new asset class. In addition, financial institutions are exploring ways to use blockchain technology to reduce costs and improve security.
Yardeni’s most dramatic observation about the cryptocurrency is the way it has been used to digitize currency in Africa, allowing people to store it on their cellphones without having to open