One of Australia’s leading financial and business commentators has called for Bitcoin and “its imitators” to be banned.
Peter Switzer is an award-winning journalist and broadcaster and the owner of financial services company Switzer Financial Group.
The popular Australian identity publishes regular articles on his website, which are also emailed to a database of subscribers, believed to be in the hundreds of thousands.
At first, he analyses comments made by Nobel Laureate Joseph Stiglitz, who recently told CNBC that all cryptocurrencies should be “shut down”.
“Joe isn’t entirely ‘old’ world, as he sees the value of digital payments systems and supports electronic use of government-backed currencies, like the dollar,” writes Switzer in the scathing attack on cryptocurrencies.
Switzer then goes on to make his own views clear.
“I can’t see the necessity of a currency that’s too volatile and is primarily used for speculative purposes.
“I wonder whether we need a new way for inexperienced investors to lose their money.
“I think cryptocurrencies are unnecessary, risky and good for a small group of enthusiasts but the cons, and I repeat the cons, outweigh the pros by a long chalk.
“Ban bitcoin and its imitators or simply regulate them, so light is shone on this dark, dark world.”
‘It happened on Billions’
Aside from Stiglitz, it appears Switzer’s Bitcoin ban rant has also been inspired by hit US TV series, Billions.
In fact, he admits watching the programme gave him his light-bulb moment.
“I’d never focused on the illegality aspect of bitcoin until a recent episode of Billions on Stan, where the hedge fund manager, Bobby Axelrod, set up an elaborate insider trading scheme, where his accomplice was to be paid in bitcoin! Why? It would be undetected by the Stock Exchange Commission and other regulators!”
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