Ann Pettifor, leading economist and author of “The Production of Money” told Business Insider that bitcoin is flawed as money because it is a “finite asset.”
Speaking about the origins and usage of bitcoin, she said: “Bitcoin was invented by some big bad guys on the dark web as a secret currency, for which they could exchange goods and services.
“The idea was similar to the gold standard which is that you would have a finite asset – which is your bitcoin, which would then increase in value over time because it is finite.
“The problem with a finite asset is that the economy is not finite, and if you have a limited amount of money to match this almost unlimited capacity of people in the economy to do things, money doesn’t work.”
Produced by Joe Daunt. Filmed by David Ibekwe.
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