European Central Bank President Christine Lagarde recently called cryptocurrencies “based on nothing” and said she is concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.”
This comes at a time when the crypto market tumbled by more than 50 per cent and investors lost billions of dollars in a matter of few hours. The world governments are trying to grapple with crypto, either by imposing restrictions or by making it a legal tender like El Salvador. However, Lagarde is not alone in believing that crypto is worthless. Several other top economists have previously and continue to target crypto. Here we list some of the most popular comments made on crypto by top economists.
Ken Rogoff
Ken Rogoff, former chief economist at the International Monetary Fund (IMF) in February 2021 said that central banks won’t allow Bitcoin and other cryptocurrencies to become mainstream. “Eventually over the long course of history, the government first regulates and then it appropriates, and I think we can see that happening here,” he told CNBC TV18.
Rogoff has called out for a complete ban on cryptocurrencies calling Bitcoin a money laundering and tax evasion tool. He believes that crypto is a bubble, which will eventually burst.
Paul Krugman
Nobel Prize-winning economist Paul Krugman is no fan of…
