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.”
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.