Hans-Joachim Voth criticized Bitcoin and other cryptocurrencies for helping them find problems rather than solve individual problems.
The bitcoin industry has been around in the internet world for over 13 years, but there are still many economic experts who are not ready to admit that bitcoin, like Ethereum, has the same potential to fight inflation or fix the disruptions associated with traditional financial services.
In an interview with Kitco News, Hans-Joachim Voth, professor of economics at the University of Zurich, made a number of statements.
Voth said that while blockchain technology can solve some technical problems, blockchain-based cryptocurrencies such as ethereum and bitcoin cannot replace fiat currencies, nor can they solve the problems associated with existing modern currency problems. Public financial institutions can easily solve the problems associated with unlimited or desired amount of fiat currency without worry.
Vot explained: "The main purpose of the gold standard is to take the driving license of the government and the central bank and say: " No, no, there is a finite amount of X, which is chosen completely artificially, which limits the amount of money you can issue, and then everything gets bigger. Well, I think it's stupid . "
In addition, the economics professor said that he does not see the point at which cryptocurrencies solve any problems and that these cryptocurrencies pose a threat to the health of the environment.
Hans-Joachim Voth , also added: “Ethereum and all other cryptocurrencies are looking for solutions to problems.”
In the final statement, the economic expert said that the blockchain has various attractive properties and made it clear that supporting crypto assets as an alternative to fiat currencies is misleading.
If you decide to try your hand in the world of cryptocurrencies, do it with a trusted and reliable partner - Binance .
CoinShark is not responsible for the content, accuracy, quality, advertising, products, or any other content posted on the site. This article is for informational purposes, and not a proposal for action, prepared on the basis of materials and information from BITCOINIK . Financial markets are risky and full of risks. Investing in cryptocurrencies can lead to losses. Users should do their own research and analysis before taking any action.