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Wednesday, April 12, 2017

FED Board President Does not Understand Bitcoin or the Nature of Trust

FED Board President Does not Understand Bitcoin or the Nature of Trust

The article’s author quotes Harker, saying that digital currencies will not replace banks. Harker said, “Digital currency won’t topple traditional, government-sanctioned money from its central role in the economy in the foreseeable future.”

Harker believes digital currencies will not delegitimize banking and the banking system as it stands. The article emphasized a dollar is a dollar, and people know the dollar will retain its value. Harker believes digital currencies cannot possess the same level of trust as a result of their volatility.

“A fiat currency like that in the United States, which is issued by a central bank in a secure and stable economy, works because we trust it,” explained Harker. “A dollar is a dollar. We all agree that it is and there’s not much that can undermine that faith. We experience inflation, sure, but not often in dramatic or abrupt ways.”

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