People will move towards Bitcoin, Says, Dr. Lawrence H. Summers

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Former U.S. Treasury Secretary Dr. Lawrence H. Summers spoke on January 15, 2021, about Bitcoin and the reason why the currency should continue going up with its price. Dr.Lawrence is one of the top American economists. 

In his earlier days, Dr. Summers served as the 71st Secretary of the Treasury in the Clinton Administration, as the Director of the White House National Economic Council in the Obama Administration, as the President of Harvard University, and as the Chief Economist of the World Bank.

Presently, Dr.Lawrence is the President Emeritus and the Charles W. Eliot University Professor at Harvard University. Last Friday, in an interview with David Westin on Bloomberg TV’s “Wall Street Week”, Lawrence commented if Bitcoin is a bubble: 

“I’m not going to predict its fluctuations over the next six months, but I think some institutions like it, is here to stay. I don’t think that the whole thing is going to collapse. I think that having run up and then run way down, and then move back, it looks much more resilient, and therefore I think people are going to move towards it, and as people move towards it, given the finiteness of its supply, that’s going to be a factor working to raise prices.“

Digital Currency Group (DCG), who is an investor in some of the best-known businesses in the crypto space, such as Abra, Coinbase, Coindesk, BitGo, and Ripple, and the parent company of Grayscale Investments, announced on April 28, 2016, that Summers will join the organization as a Senior Advisor. 

According to CNBC, on May 3, 2016, during the Consensus 2016, Summer said that he disagreed with JPMorgan Chase CEO Jamie Dimon’s comment in November 2015 that “no government will ever support a virtual currency that goes around borders and doesn’t have the same controls.”

Summers stated:

“Jamie’s a smart guy… But Bill Gates is a smart guy too and he said the internet’s not going anyplace.“

Also Read: Bitcoin Could Be An Alternative To The U.S. Dollar Says, Stephen Harper