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A leading economist explains why bitcoin isn’t money

Joe Daunt
Updated


Ann Pettifor, leading economist and author of “The Production of Money” told Business Insider that bitcoin is flawed as money because it is a “finite asset.”

Speaking about the origins and usage of bitcoin, she said: “Bitcoin was invented by some big bad guys on the dark web as a secret currency, for which they could exchange goods and services.

“The idea was similar to the gold standard which is that you would have a finite asset – which is your bitcoin, which would then increase in value over time because it is finite.

“The problem with a finite asset is that the economy is not finite, and if you have a limited amount of money to match this almost unlimited capacity of people in the economy to do things, money doesn’t work.”

Produced by Joe Daunt. Filmed by David Ibekwe.

Get the latest Bitcoin price here.

The post A leading economist explains why bitcoin isn’t money appeared first on Business Insider.