Niall Ferguson Advise Biden To Integrate Bitcoin In US Financial System
Niall Ferguson recently advised US president-elect Joe Biden in an article he wrote. He encouraged Biden on Bitcoin’s importance in the US and what the new administration stands to gain if it eventually integrates the cryptocurrency into the system.
Niall Ferguson is a respected historian and also a Milbank Family Senior at Stanford University, in its Hoover institution. The extensive article attracted recognition from different digital asset investors all over the world. He noted that many people have warmed up to the cryptocurrency because of its effective performance, which has outweighed the traditional investments, especially in terms of value.
How The Crypto Community Supported The Idea
The post by the former Harvard professor got a lot of attention on social media, especially from the crypto community members and investors. A co-founder of 10T holding, Dan Tapiero, suggested that the article will get a lot of buzz on social media; he mainly took an interest in Ferguson’s idea of integrating the Bitcoin.
Dan found the idea shocking and incredible. Ferguson suggested that Biden’s administration should integrate Bitcoin into the US financial system instead of adopting China’s digital dollar style.
The Professor is opposed to the Chinese digital Yuan, and he doubts the possibility of remitting payments or settling financial issues outside the country with the Yuan. He noted that there are fewer coins in circulation than millionaires on the planet.
If millionaires decide to invest only 1% of their wealth in Bitcoin, it will increase Bitcoin’s value. Ferguson mentioned some deep pockets like Bill Miller and Paul Tudor, who are turning bullish. In the article, some Bitcoin investment critics, including Nouriel Roubini, have started to warm up to cryptocurrency.
How Bitcoin’s Scarcity Works Against Fiat Money
He quoted Wences Casares, an Argentine-born investor, on the suggestion that adoption still has a lot of work. He explained that Casares began after a long ten years without interruption, with many holders, and adding several new members every month. He predicted a 50% chance of Bitcoin’s worth hitting a grand $1 million in five to seven years.
Ferguson opined that Bitcoin’s scarcity compared to paper cash has allowed the Bitcoin to gain in value against it rapidly. Ferguson understands that privacy is essential for individuals and might eventually cause physical cash’s replacement with cryptocurrency.
The increased investment in Bitcoin by high net worth individuals has led to an increase in value, as Niall suggested. Recently, Guggenheim Partners, an investment company, plan to buy millions worth of Bitcoin. The financial giants recently planned to get the US Security exchange commission’s initial approval to allocate the digital asset.
It was reported that the company hoped to gather 10% of its Worth in Bitcoin. Some claims suggest that the investment decision was pivoted because they wanted to create exposure for potential Bitcoin investors. The purchase will lead to the purchase of about 27,650 bitcoins. The wall street institution is optimistic that the investment decision will be a good one.