Former U.S. Treasury Sec Larry Summers admits Bitcoin is here to stay
Commenting on whether Bitcoin is a bubble or not, former U.S Treasury Secretary, Dr. Lawrence H. Summers, noted that the digital asset “is here to stay.”
Dr. Summers is one of many prominent voices that have endorsed Bitcoin as a viable investment option and store of value in recent times. For instance, the chairman of UK investment company, Ruffer, had earlier said that Bitcoin is a “nonsensical asset” that makes a lot of sense. Billionaire Ray Dalio also compared the digital asset to gold.
Summers shared his views during a Friday interview with David Westin of Bloomberg TV. The former secretary said:
I’m not going to predict its fluctuations over the next six months, but I think some institutions like it, [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.
Beyond being the 71stSecretary of the Treasury in Clinton’s administration, Summers has functioned in different capacities at several organizations. He was the Director of the White House National Economic Council during Obama’s reign. He has also served as the President of Harvard University, and as the Chief Economist of the World Bank. Dr. Summers is currently the President Emeritus and the Charles W. Eliot University Professor at Harvard.