Main navigation

Central Bankers Are 'Freaking Out' About Crypto: Economist Stephen Moore

News
Wed, 06/26/2019 - 14:40
article image
Alex Dovbnya
Stephen Moore compared cryptocurrencies to Google and Apple in their ability to be immutable to the government’s pressure   
Central Bankers Are 'Freaking Out' About Crypto: Economist Stephen Moore
Cover image via 123rf.com
Read U.TODAY on
Google News
Contents

Economist Stephen Moore, who decided to start the world’s first decentralized central bank instead of joining the Federal Reserve Board, recently made an appearance on CNBC’s "Squawk Box" to talk crypto.

Related
Bitcoin Price Surges Above $12,500. When Will BTC See a Big Correction?

A threat to central banks

CNBC’s Andrew Ross Sorkin points out that the monopoly on fiat currencies is the last thing that governments around the world have. Just like monopolistic companies, there will be major resistance from central banks.

Moore claimed that the fact that government-controlled currencies have some competition is “healthy” for the economy. Central banks are “freaking out” about cryptocurrencies.

They [central banks] don’t want competition from the private sector when there is no government oversight.”

After Moore failed to join the Fed board, he joined Decentral, the startup that positions itself as a crypto-oriented central bank. The purpose of the company is to solve the volatility problem that prevents broader adoption.   

Related
WSJ: Libra Is a License to Print Money

Demonizing crypto 

The financial pundit also weighed in on Facebook’s cryptocurrency, saying that US regulators are already looking into Libra. However, the question remains whether they will be able to put the brakes on it.

According to Moore, there seems to be a misconception that Bitcoin remains the darling of criminals, but the reality is that law-abiding citizens simply want more privacy from the government.

Government, central bankers, and politicians are trying to stop this, but that’s like saying they’re gonna try to stop Google and Apple.”

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.