Nobel Laureate and Columbia University Professor compares Bitcoin to Marxist ideology


This article was originally published on PERC360.

Since I decided to learn about Bitcoin and cryptocurrencies about a year ago I have seen a handful of large spikes and drops in price and volume. Definitely eye-opening, but nothing “unbelievable”.

However, to this day, the most unbelievable thing to me regarding the Bitcoin and greater cryptocurrency field is how many of my friends and colleagues still know nothing about the technology. And strangely, it seems like a larger portion of my smarter friends has decided to stay away – a phenomenon I am constantly trying to understand.

The amount of people in the upper echelon of intelligence that have publicly denounced Bitcoin and cryptocurrencies is remarkable. Here and here is a couple from Mark Cuban. This is Jack Bogel advising you to “avoid Bitcoin like the plague”. And, the latest, coming from Joseph Stiglitz on Bloomberg TV yesterday.

I found this video almost humorous. Stiglitz and Bloomberg host Tom Keene went far beyond the standard “Bitcoin is a bubble”, “Bitcoin isn’t an asset”, etc. when he decided to draw the comparison between Bitcoin and, of all things, Marxism.

It’s almost like Keene was trying to provide added humor when he brought up the classic “Tulip mania” comparison which some folks have tried to extrapolate into the cryptocurrency sphere. There has to be some reason why so many public finance figures have come out so ardently against Bitcoin. My best guess is that polarization sells. You can’t just be indifferent to all the popular news. It would explain why we see people like John McAfee making comments depicted in the related article below.

Related ArticleJohn McAfee tweets he will eat his d*ck (again) if Bitcoin doesn’t reach $1 Million by the end of 2020

Like I have said in many previous articles, I am a Bitcoin and cryptocurrency investor, but I’m not staking my livelihood on it, no pun intended. If you’re new to the space I recommend you find your way to Youtube and learn about blockchain and smart contracts. Then make up your own mind as to whether or not you want to invest.