‘It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down’ Sitglitz told Bloomberg News.
He added ‘so it seems to me it ought to be outlawed. It doesn’t serve any socially useful function’.
‘The value of a Bitcoin today is expectations of what the Bitcoin is going to be tomorrow’ Stiglitz said.
But Stiglitz did argue that ‘the medium of exchange that we use for transaction’ should be brought up to date.
‘Let’s move away from paper – into the 21st century of a digital economy’ he said.
Bitcoin has risen tenfold this year – the ‘largest gain of all asset classes’ according to The Guardian.
‘The madness of crowds is well documented but it is quite something to behold in the flesh.
It’s hard to keep up with this – bitcoin just flew past the $11,000 mark – leaping $200 in barely five minutes before taking another big leg higher’ Neil Wilson a senior market analyst at ETX Capital told The Guardian.