Australian Financial Analyst: “Ban Bitcoin (BTC) so Light is Shone in this Dark, Dark World”
Despite the rising cryptocurrency market, famous Australian author, financial commentator and TV presenter, Peter Switzer, called for the banning of Bitcoin citing an episode of SHO’s “Billions” as his inspiration.
In a report to readers on the Switzer Daily, the well-known author states that the calls to shut down cryptocurrencies should be welcomed owing to its use to launder money and carry out illicit activities.
Peter Switzer (Source: Shutterstock)
“I can’t see the necessity of a currency that’s too volatile and is primarily used for speculative purposes. I wonder whether we need a new way for inexperienced investors to lose their money.”
Earlier this month after the launch of Facebook’s Libra cryptocurrency, Nobel Prize winner and economist, Joseph Stiglitz spoke to CBNC dismissing the token claiming only a fool would trust Libra.
The economist is not a big fan of Bitcoin or digital assets and these recent comments have seen him receive a bit of criticism from the cryptocurrency community. However, Peter responded to these critics saying,
“Joe isn’t entirely ‘old’ world, as he sees the value of digital payments systems and supports electronic use of government-backed currencies, like the dollar.”
The adoption of the cryptocurrency community has been plagued by scams, illegal activities such as Silk Road and the impending volatility experienced. Peter says these problems in the cryptocurrency space became clear to him after watching SHO’s primetime TV series, “Billions” which highlights Bitcoin’s use in money laundering and payment for insider trading. He writes,
“I’d never focused on the illegality aspect of bitcoin until a recent episode of Billions on Stan, where the hedge fund manager, Bobby Axelrod, set up an elaborate insider trading scheme, where his accomplice was to be paid in bitcoin!”
He claims the reason for this would be the anonymity feature of the network which will makes the funds sent undetectable to regulators.
Shine light in this dark, dark world!
While the cryptocurrency world gets the bashing from Peter and Stiglitz, the traditional financial system is still far from perfect despite the digital developments in the industry.
The transaction fees remain high, the process slow and security of funds is an issue in some of the institutions. According to Peter however, these problems do not measure up to cryptocurrencies’ problems, an asset he deems unnecessary.
“I think cryptocurrencies are unnecessary, risky and good for a small group of enthusiasts but the cons, and I repeat the cons, outweigh the pros by a long chalk.”
Recent skirmishes at the TRON Foundation offices in Beijing saw police try to calm down protestors who lost over $30 million USD in a TRON related scam on Monday. Furthermore, a number of crypto related scams have been uncovered in the past including the Cartwright’s Family $2.7 million loss invested in a shady hedge fund. Such activities have led Peter to call to its government to regulate the cryptocurrencies,
“Ban bitcoin and its imitators or simply regulate them, so light is shone on this dark, dark world.”
Unlike India and China, where governments are investing heavily in the regulation and banning of cryptocurrencies, Australia is taking on a more friendly approach. Earlier in May, the financial authorities, ASIC, announced its guidelines for cryptocurrency miners in the country.