Researchers have warned the central bank that the new financial system brought about by the cryptocurrency revolution will go beyond the existing systems they are responsible for. Recently, British economic historian and author Niall Ferguson told the Bank of England that Bitcoin is the future financial system.
Neil Ferguson is a famous historian and critic, and author of fifteen books including The Rise of Money and The House of Rothschild. On Tuesday, he held a seminar for the Bank of England to talk about the 2008 financial crisis and the response of countries around the world. In the summary of this seminar, he mentioned that Bitcoin is one of the main challenges facing the current fiat currency-based financial system.
Ferguson said:
“The current financial system is not fundamentally different from the pre-crisis financial system, except that the capital of large banks is relatively abundant. New things, or things that are more important after ten years of importance, are still small. The currency is still a cryptocurrency, or a large-scale online payment revolution that Chinese technology companies are undergoing. This is the future financial system, and although it is still small, it will not have the importance of affecting the entire system in 2018. In short, I feel that the arrival of the next financial crisis is only a matter of time."
The emerging ICOFerguson’s remarks are not surprising. As early as December 2017, he wrote:
"There is no doubt that, to some extent, regulatory changes in the United States will undoubtedly squeeze the current bitcoin bubble. But the financial revolution will not stop, let alone give up. We can try to think like this. The biggest can be created. The number of bits is 21m. According to Credit Suisse, the number of millionaires worldwide is 36 million. Their total wealth is 128.7 trillion US dollars. If the millionaires collectively decide to convert 1% of their property into bitcoin, bitcoin The price will not be $15,000, but $60,000. If they increase to 5%, the appropriate price for Bitcoin will be higher than $300,000. I am not saying that this will happen. I just said that I am a teenager. The son thinks this may happen."
Since then, he has also talked about other aspects of the cryptocurrency market, such as the emerging ICO project. According to reports, Ferguson said last week that he hopes to get a bitcoin every time he sees a false white paper in the past six months, because the fake white papers received are really too much. He also said that if there is no regulation, then the fraudsters will soon take advantage of it.
Ferguson is not the only scholar who is concerned about whether bitcoin development is in line with economic history. Last Monday, Robert Shiller, who won the 2013 Nobel Prize in Economics and is known for the Case-Shiller index, published an article about how people's enthusiasm for reinventing money has spawned bitcoin. Great charm.
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