Niall Ferguson Says Crypto ‘Won’t Turn Out to Be a Complete Delusion’
Niall Ferguson, a British economic and financial historian says cryptocurrencies will not turn out to have been a complete delusion.
Niall who authored a book on the history of currencies, “The Ascent of Money” made his remarks at a private event during the Australian Financial Review (AFR) Business Summit earlier this week.
Niall Ferguson reportedly said: “I was very wrong. Wrong to think there was no […] use for a form of currency based on blockchain technology,”
He accepted that his knowledge of the history of financial innovation and fiat currencies had predisposed him against the idea initially. Niall then pointed to Bitcoin’s recent price moves as an indication of its longevity and resilience.
On Bitcoin’s rise to $20,000 in late 2017, Ferguson spoke affirmatively of Bitcoin’s subsequent correction to $3,000-4,000. He noted that the coin is trading well above a total price collapse:
“I don’t think this will turn out to be a complete delusion.”
Ferguson further questioned on whether fiat-collateralized cryptocurrencies will ultimately create a new form of money with the AFL erroneously proposing Bitcoin as an example of such fiat-pegged coins.