Is Bitcoin Only For Crooks And Cheats?

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Is Bitcoin Only For Crooks And Cheats? by William J. Luther, Foundation For Economic Education

Short answer: no

It isn’t each day that University of Chicago economists Eugene Fama and Richard Thaler see eye to eye. Fama, who won a Nobel Prize in 2013, is one of a best famous proponents of a efficient marketplace hypothesis. Thaler, in contrast, champions behavioral economics. Indeed, Thaler spends a good understanding of time criticizing a fit marketplace supposition in his new book, Misbehaving.

Both economists, however, seem to be on a same side when it comes to bitcoin. Commenting on Fama’s new interview with a Bitcoin Uncensored podcast, Thaler tweets: “Must contend we determine with Fama here. Only value of bitcoin seems to be to crooks [sic] taxation cheats. Negative amicable value.”

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Fama and Thaler are not alone. Many regulators worry that, absent sufficient supervision oversight, cryptocurrencies like bitcoin will be used to control bootleg exchange and transfers on a large scale.

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