It has become apparent that the state of New York does not take kindly to cryptocurrencies. In fact, it is one of the most hostile places in the world to set up a Bitcoin enterprise right now, which is not a positive development. This sentiment is reflected in potential New York Fed President John Williams’ recent comments on the future of Bitcoin and other cryptocurrencies.
What Does the Future Hold for Bitcoin?
When it comes to the potential of Bitcoin, opinions are quite mixed. When it comes to financial experts, they often only see the negative side of cryptocurrency, for obvious reasons. John Williams, the most likely candidate to be the next head of the New York Fed, only illustrates that point.
In a recent interview, Williams made a remarkable comment regarding the future of Bitcoin. He is convinced that Bitcoin does not check the right boxes when it comes to serving as a currency. While there may be some merit to such a statement, he is confident that Bitcoin fails even the most basic requirements of a currency. One would expect to hear such comments from central bankers, although it is difficult to dismiss his claims.
More specifically, a currency is designed to be a store of value, according to Williams. Given Bitcoin’s history in the world of cryptocurrency, a store of value is not necessarily the most apt description of this form of money. Instead, it has been a volatile roller coaster virtually every day, even though the long-term trend confirms that it has maintained its value relatively well and even improved upon it.
Additionally, John Williams rehashes the same old criticism Bitcoin enthusiasts have contended with for several years now. He states that Bitcoin is linked to money laundering, fraud, and terror financing. While there have been individual incidents involving money laundering, Bitcoin’s transparency eventually helped bring the perpetrators to justice. So far, there is zero evidence of Bitcoin being used for financing terrorist operations, yet experts tend to make such claims regardless.
Surprisingly, John Williams acknowledges he is “very biased” against cryptocurrencies. Admitting one’s own shortsightedness and flaws is an important first step toward becoming a better person overall. However, all of this goes to show there’s still a lot of prejudice when it comes to Bitcoin and other cryptocurrencies. Officials still spread half-truths and misinformation on a regular basis, and that situation will not improve anytime soon either. Even so, anyone can do their own research and make up their own mind when it comes to investing in Bitcoin. It still remains a unique opportunity, especially when keeping the bigger picture in mind.