Idiotic Comment of the Day: “Bitcoin Ought to Be Outlawed” Stiglitz

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by Mish Shedlock, Mish Talk:

Economist Joseph Stiglitz sees no socially useful purpose to Bitcoin and concludes it should be banned.

The former chief economist of the World Bank, Joseph Stiglitz Wants Bitcoin Banned.

“Bitcoin is successful only because of its potential for circumvention, lack of oversight,” Joseph Stigliz, currently a professor at Columbia University, said in an interview on Bloomberg Television today, as the cryptocurrency reached new all-time highs this week. “So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.”

Who gets to decide what is or isn’t a socially useful function?

Bitcoin, like it or not, is a result of innovative thinking. The free market seems to like it.

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