THELOGICALINDIAN - Bitcoincom afresh alone a storyaboutWestern Union advance in Barry Silberts Digital Currency Group Additionally one of the new admiral appear to DCG was Lawrence H Summers whoswidely accepted for actuality the 71st Secretary of the Treasury for President Clinton Summers who additionally formed with the Obama administering has some absorbing theories apropos economics Last February Summers wrote an oped for the Washington Post alleged Its time to annihilate the 100 bill
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Summers Against Big Bills
Lawrence H. Summers, an American economist who is currently a University Professor at Harvard University, has become an adviser for the Digital Currency Group (DCG). The new DCG adviser is able-bodied accepted for his role in high-ranking government positions. In the 90s, Summers became Secretary of the Treasury and formed with the Clinton administering until the end of the president’s term. Summers additionally affianced with abounding leaders at times of global economic crisis. This included the 1994 banking crisis in Mexico, 1997’s Asian bread-and-butter problems, and additionally during Russia’s hardships. His role in the all-around abridgement and his position with the Treasury shows Summers is a fan of axial planning; absolutely the adverse of the amount foundations of decentralization the cryptocurrency Bitcoin was based upon.
In a February opinion piece for the Washington Post, Summers wrote about a cardboard he had apprehend by a aide from Harvard. The above Secretary of the Treasury said the cardboard alleged “The Case for Eliminating Aerial Church Notes” and fabricated a “compelling case for endlessly the arising of aerial church notes.”
Just as abounding politicians afore him, Summers presents the position of protectionism to bolster the assessment of accepting rid of ample denominations. He cites issues with the refugee crisis, bread-and-butter weaknesses in assertive countries and the “rise of autonomous movements” as the motives. Summers capacity at the end of his beat what he thinks is a solid abstraction saying:
So Why is Summers Keen on Bitcoin?
It is absorbing that a being such as Summers is advising a close that deals with cryptocurrencies such as Bitcoin and blockchain technology. CEO of Bitcoin.com, Roger Ver, thinks the DCG adviser best is article the crypto-community should anticipate about. Ver asked the association in a forum post:
The axis point for the association seems to be happening. One can see this mural change as the aforementioned ample corporations, and banks who already laughed at Bitcoin are now attractive to co-opt the technology that underpins it. Alike Western Union’s advance in DCG could be alleged an acrid twist. Summers abutting the association is alike added aberrant as best of his admonition relies on axial planning that apparently wouldn’t mix able-bodied with an industry focused on decentralization and disruption.
Can a being who believes in Keynesian economics and absorption be acceptable for this community? Let us apperceive in the comments below.
Images address of DCG website, Shutterstock, and Wiki Commons
