The topic of Bitcoin continues to cause controversy among financial experts. Larry Summers told the media how most Indians have already invested their money into other assets. Bitcoin is one of those assets, together with gold, or another form that is not But at the same time, this causes even more speculation as to how consumers use Bitcoin to evade taxes.
Any financial asset not controlled by the government is subject to scrutiny and random speculation. Bitcoin is a prime example, as many financial experts are confused as to how this ecosystem even works. Moreover, tax evasion and Bitcoin are often mentioned in the same breath, despite there being very little evidence of any correlation.
Larry Summers Feels Bitcoin Cannot Curb Corruption
One of the most prominent financial experts is Larry Summers. He is the President Emeritus and Charles W. Eliot Professor at Harvard University. Moreover, he has been paying close attention to the situation taking place in India right now. With the government rendering the majority of cash virtually useless, a shift in finance is taking place.