A world-renowned economic historian who was previously skeptical on Bitcoin now thinks that it has a bright future. The expert also holds that its distinction is going to make it appealing to investors in the upcoming years.
Bitcoin’s Bright Future
Niall Ferguson, a well-known economic historian and recognized author, spoke at The Australian Financial Review Business Summit which took place on March 5th and 6th in Sydney. The expert, who previously thought that Bitcoin (BTC) $3926.29 is a “complete delusion,” now holds that it has a very bright future, stating:
I was very wrong, wrong to think there was no use for a form of currency based on blockchain technology […] I don’t think this is a complete delusion.
Ferguson revealed that he first considered Bitcoin to be a delusion when his son suggested that he buy some five years ago. Later on, when the price of the cryptocurrency surged in late 2017, the historian says that he watched in despair.
He also thinks that it is very important to understand that, despite the current decline of Bitcoin, it still remains far above its previous lows. He stated:
Bitcoin is a bit like an option on digital gold.
The historian also said that there is a bright future ahead for Bitcoin (BTC) because it’s particularly distinct — and that’s what’s going to make it attractive to investors.
Not the First One to Turn
Niall Ferguson is far from being the first prominent figure in the world of economics to turn positive on Bitcoin.
Back in 2017, the Chairman and CEO of banking mogul JP Morgan Chase, Jamie Dimon, went all out on Bitcoin, saying that he’d fire any trader working for him if he traded Bitcoin. At the time, he added:
You can’t have a business where people are going to invent a currency out of thin air. It won’t end well… someone is going to get killed and then the government is going to come down on it.
A few months later, however, the CEO pivoted on his position, admitting that he regrets making these claims.
What is more, Ferguson is also not the first one to compare Bitcoin to gold. Serial entrepreneur and investor John Pfeffer said last year that Bitcoin is the “first viable replacement for gold.”
Prominent Bitcoin proponents Tyler and Cameron Winklevoss have also expressed thoughts in the same lines:
Taking bitcoin in isolation… we believe bitcoin disrupts gold. We think it’s a better gold, if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce… it’s more portable, its fungible, it’s more durable. It sort of equals a better gold across the board.