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A Spanish professor and economist said cryptocurrencies highlighted the “obsolescence” of central banks, although their capitalization is still “very insignificant”.
Crypto is not just about “speculative noise”
Pablo Agnese, professor of economics and lecturer in the Department of Economic and Business Organization at the Universitat Internacional de Catalunya in Barcelona (UIC Barcelona), told Europa Press in an interview that young people could lead cryptocurrencies towards adoption. mainstream even stronger.
The academic believes that young people’s flexibility in terms of adopting new technologies, including blockchain, makes them more open to understanding what the world of cryptocurrencies is, “beyond speculative noise.”
On the “obsolescence of central banks”, Agnes says that, together with the central bank, she managed to form a “powerful legal monopoly” that cryptocurrencies have challenged. So, he believes that both are incompatible and gives more details about it:
The banking sector represents centralization, cronyism and lack of competition and cryptocurrencies, on the other hand, represent decentralization and competition.
However, the economics professor makes it clear that this does not imply that both sides cannot coexist.
Coronavirus, global uncertainty behind the rally in cryptocurrency prices
Agnese also referred to the recent rally experienced in Bitcoin and other altcoins in the cryptographic sphere, stating that said movement responds to “a large speculative factor due to the highly technological and disruptive component, which makes this phenomenon somewhat unusual and with sudden changes”.
The academician contextualizes the skyrocketing cryptocurrency prices amidst the “great uncertainty” experienced globally due to the global financial health due to the coronavirus pandemic.
On October 13, the Spanish government passed a bill requiring cryptocurrency owners to disclose their cryptocurrency holdings and any profits generated by their businesses.
Do you agree with the professor’s position on cryptocurrencies? Let us know in the comments section below.
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