Popular Economist Luigi Zingales Calls Cryptocurrency Buzz Madness
An award-winning economic expert who is also a renowned author on the subject of capitalism Luigi Zingales criticizes Bitcoin Buzz and he compares it to a madness. He has a strong presence in finance and is very a known personality in the United States as well as Europe. He disagrees with the idea of cryptocurrency.
He himself has confronted that he disagrees and oppose all the buzz about cryptocurrencies and he is now done with it. The event took place when the famous author sat with the Israeli news publication. He stated it and it got published afterward.
The digital advertising world and its hitters have affected the cryptocurrency. The price also affected and as per Zingales, it has happened by blocking Bitcoin ICO ads.
He did not speak about Bitcoin directly, but the tone was not very convincing as he was further talking about the economic issues. The lack of energy and a lowered tone talked much about the Bitcoin. He has also given the invitation to Steve Bannon, the alt-right leader and the person behind the ideas of deplorable coin to speak at the University of Chicago.
Although Zingales has disagreed about the buzz for Bitcoin and has a different mindset all-together he has also an interest in the populist movement to give strength to the economy in the United States.
Luigi Zingales is against the digital advertising as he thinks that these people have almost 90% control over the digital sector and he urges to bring the monopolies down as he believes that in future if these firm decide to boycott your product then there would be a major loss to other sectors and as economist he has to protect the economy of the country. They want to remain secure so that no one can exploit them with the economic condition.
The author has a concern about the decentralization as it is quite possible in future that anyone can boycott which will affect the revenue of the country and has a far devastating effect on its people. So, to keep that in mind he doesn’t want to give total control to these Bitcoiners.
He also gave an example just imagine if Facebook decides to boycott the newspaper, so it will have an adverse effect on the revenue for which people have to pay the price. Zingales believe that the power should be distributed equally in business and no one should be a leader to avoid economic issues in future.
Not only Luigi Zingales, there are many people like him which all agrees with Bitcoiners, but they don’t agree with the solution and moreover, they do not favor crypto at all and believe that it is meant for the short term.
With the blockchain technology, the idea of controlling the economy will begin to run as it is beneficial for both the country and its people in a longer term.