“It’s Not a Bubble, It’s a Substantial Paradigm Shift”
With the interest in Bitcoin growing exponentially, and the value increasing by a hundred dollars per day, one has to wonder if Bitcoin is just a fad, or something that is here to last. Jeffrey Tucker, an economist from the Foundation for Economic Education, believes Bitcoin to be the latter.
In an interview with RT.com, he provides his view:
“The Bitcoin virtual currency is up 24.5 percent in 24 hours, touching a new record of $619. The surge is ‘the beginning of something spectacular,’ with it potentially displacing the dollar, Jeffrey Tucker of the Foundation for Economic Education told RT.
‘I think, that’s not a bubble, it represents a substantial paradigm shift,’ Tucker said, commenting on the latest boom of the anonymous crypto currency.
‘In fact $600 per bitcoin might be a thing of history, we might get it much –much higher, the expert added.
‘The important thing is that bitcoin I believe has a potential of becoming a new international monetary standard, something like gold standard in the 19th century had this real potential. So, I think, it could displace the dollar, and we are talking about maybe five, ten or fifteen years from now, but the bottom line is that the government currencies are broken at the moment, they don’t meet the modern needs of an internet age and Bitcoin does,’ Jeffrey Tucker explained.”
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