Bitcoin isn’t that bad after all – Even though some senior financial officials, like Christine Lagarde (the President of the ECB), continue to denigrate Bitcoin (BTC), others are starting to admit that it’s not just a passing fad. This is the case today of Larry Summers, former secretary of the US Treasury.
The secret of Bitcoin: a strictly limited supply
Lawrence Henry Summers was US Secretary of the Treasury under Bill Clinton from 1999 to 2001. In 2014, he also came close to becoming head of the US Federal Reserve ( Fed ), before Janet Yellen was preferred to him.
During an interview given to Bloomberg’s Wall Street Week show , Larry Summers was asked to give his opinion on the cryptocurrency universe , in particular on the bubble situation (or not) of current Bitcoin prices :
“I think an institution like Bitcoin is here to stay. I don’t think that all of this will collapse (…) ”
Bitcoin, a currency with a golden future?
The former Treasury secretary also mentioned that he believes Bitcoin to be „much more resilient“ than other currencies or assets. This quality could lead to more and more people taking an interest in it, which, combined with its “limited supply” , could well “increase the price” of bitcoin.
That’s a surprisingly optimistic statement for the crypto king, especially from a former head of financial institutions.
Summers is not the only one to change his mind: at the same time, former Canadian Prime Minister Stephen Harper quietly compared Bitcoin antique value refug e gold . According to the latter, the two assets would be the only 2 serious challengers of the US dollar as a global reserve currency.