• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Joseph Stiglitz

‘Shut Down Cryptocurrencies’ Says Joseph Stiglitz As Fiat Markets Tumble

Esther Kim
by Esther Kim
6 years ago
·
Posted in News, Bitcoin, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Two of the world’s most infamous Bitcoin naysayers hit the headlines for the wrong reasons yet again May 6 amid global financial market turmoil.


Stiglitz: Crypto Attention ‘Disturbed Me’

As stocks plummeted on the back of fresh threats of a US-China trade war, Joseph Stiglitz, the former World Bank head who has recently become known for his distaste for cryptocurrency, said the whole phenomenon “should be shut down.”

“It disturbed me a great deal – the attention that was given to cryptocurrencies,” he told CNBC in an interview.

“Because those were moving things off of a transparent platform and into a dark platform.”

Stiglitz did not mention what specific period of “attention” he was referring to, or whether cryptocurrency, in general, should have remained out of the public spotlight.

He was speaking within the context of his ideas for shoring up the global economy, which, he says, should be done by making it entirely electronic.

The benefits, he continued, would be two-fold: reducing inefficiencies in the existing system while eradicating financial crime.

On this point, Stiglitz insinuated that cryptocurrency was complicit in aiding such crime.

“We know the role of real estate and money laundering, we know from the Paradise Papers and the Panama Papers the extent of this money laundering,” he said.

We know from recent research… the large percentage of global wealth that is held in these dark havens.

A Disintegrating Argument

Stiglitz continued to remain vague, failing to crystallize a link between cryptocurrency and Paradise and Panama, which themselves arguably only demonstrated the lack of transparency of the fiat money system.

However, in the economist’s mind, the US dollar is easily a better choice than Bitcoin.

“We have a very good currency so far; the currency’s been run in a very stable way, there’s no need for anyone go to a cryptocurrency,” he added.

“…I actually think we should shut down the cryptocurrencies.”

Again without elaborating on how a decentralized entity would be “shut down” and by whom, Stiglitz revealed a familiar gap in understanding of Bitcoin in particular, similar to fellow arch critics such as Warren Buffett.

Known for his soundbites calling for an end to Bitcoin, the Berkshire Hathaway mogul’s investments in some of the least transparent fiat institutions became a cause of ridicule on social media this week.

Specifically, as one user pointed out, Buffett’s largest portfolio positions are in institutions which themselves have often taken a hostile stance towards crypto – Bank of America and American Express.

What do you think about Joseph Stiglitz’s latest crypto comments? Let us know in the comments below!


Images via Shutterstock, www8.gsb.columbia.edu

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Esther Kim

Esther Kim

Follow

Full Profile

Related Posts

Bitcoin

Over 1 Million In Bitcoin Locked In Treasuries As Institutions Pour In $1 Billion

14 hours ago
Bitcoin

$5 Billion Bitcoin Treasure Tied To Piracy Website Found In German Wallets

18 hours ago
Bitcoin

Bitcoin Indicator Re-Enters Accumulation Zone After 147 Days – Details

21 hours ago
Bitcoin

$6B In Bitcoin: Marathon Digital Treasury Now 2nd-Largest Among Public Firms

1 day ago
Bitcoin

Bitcoin Miners Still Under Pressure In 2025 — How Long Can They Hold?

1 day ago
Bitcoin

Analyst Says All Bitcoin Price Uptrend Are Duds Unless This Happens

2 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    3 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.