John Williams: Crypto Won’t Replace Dollar
April 22, 2018
Lately Twitter CEO Jack Dorsey has predicted Bitcoin to steal the scene from all world currencies in about 10 years to come. The head of the New York Federal Reserve however has obviously none of it.
During his speech the current president of the Federal Reserve System John Williams has provided reasons for cryptocurrencies with Bitcoin being one of the most remarkable among them cannot replace paper money.
Just like many other crypto critics, Williams has marked irregular nature of digital money which hampers accomplishing daily payments. Second, Bitcoin has got a fix supply of 21 million while the world central banks sometimes try to stabilize economy by increasing or reducing cash volumes.
“Cryptocurrency doesn’t pass the basic test of what a currency should be”, he added.
Still, some entrepreneurs try to eliminate these drawbacks. Quite recently Basis project aimed at retaining the cryptocurrency cost of $1 has attracted 133 mln dollars. Its founder, Nader Al-Naji, added, he finds it inconvenient to pay in Bitcoin due to high volatility of the coin.